The Rise of ESG in the Stock Market

The S&P is up 19% for a year to date. Lower inflation, higher stocks. Is that what's going on here? Well, I mean, you have S&P at 19 and earnings down five. You've got multiple expansion of about 25%. But the risk-free rate hasn't moved down. The bond yield curve is still essentially where it was at the beginning of the year. Now the difference is inflation expectations and tips the five-year is sitting around 2%. And we are ahead of our fees on this technology. It's just extremely expensive.