For readers who have yet to discover the great British comedy ‘The Fast Show’, you are in for a treat. I was reminded of one of the show’s characters known as ‘indecisive Dave’ when reading about the latest intellectual gymnastics asset managers are getting into on the subject of ESG.[i]

We’ve all met indecisive Dave. He is the one who reverses his opinion to echo whichever of his mates spoke last. Dave’s opinions are infinitely malleable, driven by his desire to avoid conflict and consequently he ends up offering no point of view at all.

Until recently, ESG advocates had enjoyed a wonderful couple of years. The past few months though have offered more of a test. Read more …