Since we’ve already put forward our thesis that 2022 is the year of the ESG backlash, it’s with a heavy dose of confirmation bias that we present some further evidence of the phenomenon.   

In the weeks since our seminal missive, ESG ETFs suffered their first monthly outflows for more than three years, an ESG fund actually closed after failing to win assets, advisors and clients seem to be cooling on ESG, and most significantly of all, BlackRock is taking the whole thing seriously enough to launch an ad campaign to let people (specifically those people who work in Washington) know that despite all the global-minded ESG talk, it is really more about good ol’ American savings, and roads, and other patriotic things.   

Another thing BlackRock is taking seriously, or at least seriously enough to respond to, is a series of wild conspiracy theories that have been posted about the firm on the internet in the last year or so.    

These include the idea that BlackRock controls every aspect of your life (due...