Capitalists invest money, and manage companies, to do well financially. Proponents of so-called woke capitalism claim that companies can do “well” financially by doing “good” politically. Whether this does good is a matter of opinion, but whether it does well can be measured. Woke capitalism makes its way into financial markets through an ill-defined concept known as environmental, social and governance investing. Thus it’s important to know whether politically focused companies actually do produce superior financial results.

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