The war of words over the decision by Vanguard to not participate in industry ESG initiatives is heating up. "Our research indicates that ESG investing does not have any advantage over broad-based investing," CEO Tim Buckley said in a recent interview. Vanguard, the world's second-largest asset manager, has been a target for activist groups, who say the company should do more to phase out investments in energy companies that are too fossil-fuel friendly. Vanguard has $300 billion invested in fossil fuels.

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