A Big Swinging Dimon

There are a lot of big loud bankers right now - in the olden days they used to be called Big Swinging Dicks - who are proper anti-woke. The biggest and baddest of them all is probably Jamie Dimon, CEO of JP Morgan Chase.

He looooooves drilling for oil. He hates remote working. His Tinder Bio would be "Looking for long drills on the beach and women in the kitchen".

Highly recommend reading this report

Under Big Swinging Dimon's leadership, Chase has put a quarter of a trillion dollars into fossil fuels in the last four years alone. They're increasing it by tens of billions year-on-year. It's incredibly shocking how much damage they are doing to our planet. But it's also really very bad for investing.

Good investors do a thorough risk assessment

When you invest, you need to consider the risks. ALL the risks. So, for example, if you were to use your savings to buy crypto, you would probably have volatility risk (it could drop in value over night), concentration risk (all of your money is in one thing, not spread out), stranded asset risk, political risk... etc etc.

If you don't think of all the risks and how you can hedge against them (hellooooooo derivatives - check out my article "what the hell is a derivative?" here), you are relying on luck alone. Which isn't investing, it's gambling. And gambling is not investing. Gambling is kind of for idiots.

So when you invest in something like oil, there are also loads of risks to consider. That's the job of analysts, and their even geekier side-kicks, Quants ("Quantitative Analysts"). There are hundreds of them in big banks and they're full-time job is to basically out-math the risks and constantly calculate what would happen in different situations before they decide whether to invest or not.

They're looking at what would happen if there was a war, for example. What would happen if there was an oil spill. What would happen if Trump said this. What would happen someone did that.

Anti-woke culture blinds investors to risks

But if you have a super anti-woke culture, they are not going to be giving enough weight to the very real risks like green legislation coming in, protests happenning, adverse weather, the rise of green energy etc etc.

Of course, they do a few hedges. JP Morgan Chase is a prolific lobbier, paying off politicians in Capitol Hill to vote against green legislation. But they can't control every government in the world so easily. Well, maybe the UK. Annoying.

So all these oil investments are quite risky actually. But they don't see it. Because Big Swinging Arseholes like Dimon are too busy being anti-woke to wake up to the real issues. I bet you that he is aware of it deep down, and is timing his resignation so that they next CEO gets hit with the fall out from all these bad oil investments.

Anti-woke hurts the whole economy by hurting the planet

Ok so that's one big part of why anti-woke is anti-smart. But there is another side too.... THE ENTIRE ECONOMY?!?

If you're anti-woke, you want to get rid of all the stuff that supports our economy. Our stable weather. Our plants. Our animals. And all this stuff makes up the rest of the investment pot.

It's obvious, right? How can factories function if they are flooded? How can we trade cocoa when hardly any is growing in extreme heat? How can we farm our food in a drought? How can we sell goods to impoverished workers who have been denied basic wages or fair conditions? Capitalism needs consumers and stuff to sell. Otherwise, it's a system that eats itself into nothing.

So ignoring the environment and the rights of people stacks-up to make seriously bad long-term thinking. And that's why being anti-woke is so bad for making money. You just make everyone really really vulnerable to totally avoidable risks. Oh, and you end up on the wrong side of history too.

Don't be a Big Swinging Dimon! Be someone who cares for the whole economy 🙏