Pulling your state’s money out of big funds that focus their investments on companies that consider the environment and other socially conscious issues means your state is leaving a lot of money on the table. Good, it turns out, can be a good investment. Semafor: In the culture wars over sustainable investing, we’ve arrived at the backlash to the backlash.

+ “A sharp political divide has emerged over environmental, social and governance investing, or ESG, a type of investing that takes into account non-financial information about a company, such as its climate impact and staff diversity.” What is ESG investing and why are some Republicans criticizing it?