Florida is pulling $2 billion from BlackRock in the largest divestment ever made as part of the growing vendetta against Environmental, Social, and Governance (ESG) investing practices. Florida Governor Ron DeSantis and other Republican leaders claim that by taking ESG standards into account when making investment decisions, the firm isn’t prioritizing the bottom line.

Some backstory: ESG investing has grown in popularity over the past few years and BlackRock, the largest investing firm in the world, has been a major driver of that. It was a big deal when BlackRock CEO Larry Fink announced three years ago that ESG was the way of the future.

And for a few years, things were good. In 2020 and 2021, ESG funds outperformed the market by ~4.3%. But that didn’t stop the practice from becoming a political target in 2022.

Now Everyone’s So Gosh-dang mad

DeSantis ran his most recent campaign on fighting the “woke ideology” he believes is infiltrating the state. As part of the fight, Florida passed a resolution in August that said ESG standards should be ignored when investing state funds.

And he’s not the only one:

• Other Republican-controlled states, including Missouri and Louisiana, have moved almost $1.3 billion away from BlackRock for similar reasons.
• Texas flagged BlackRock as a financial firm that boycotts the state’s energy industry (something BlackRock has denied).

Meanwhile, Democrats aren’t happy either…they criticize BlackRock and ESG investing in general for not going far enough (and for using lax standards that let oil giants onto lists of ESG investments).

Bottom line: BlackRock and Florida are now cursed to yell “How could you prioritize politics over returns?” back and forth for eternity, and the debate over ESG investing is far from over. Republicans are poised to take over the House—after a campaign season that BlackRock poured record cash into—so we’re likely to see more drama play out at the federal level soon.—MM

Alex Jones filed for bankruptcy. The Infowars host filed for personal bankruptcy yesterday, listing among his top creditors the families of Sandy Hook victims to whom he was ordered to pay $1.4 billion for his assertions that the 2012 school shooting was a hoax. Jones already put his company Free Speech Systems into bankruptcy back in July. Attorneys for the families have criticized the moves as attempts to wriggle out of paying what he owes them.

Ukraine’s allies take aim at Putin’s oil money. The G-7, Australia, and the EU agreed yesterday to cap the price of Russian oil at $60 per barrel as of Monday to limit Russia’s access to cash from oil sales without creating a global supply problem. Russia previously warned it would retaliate against any price cap. However, the current one may be mostly symbolic, as it would still allow Russia to turn a profit. The EU and the UK will also ban imports of Russian oil on Monday, so the cap, which prohibits shippers and insurers from handling Russian oil sold for more, will impact what Russia can get from the rest of the market.

SBF might really want to stop talking now. The Department of Justice asked the judge overseeing FTX’s bankruptcy to appoint an independent examiner to review allegations of fraud, dishonesty, and incompetence—a move that could help the DOJ gather evidence of potential misconduct. Meanwhile, the crypto exchange’s former CEO Sam Bankman-Fried continued his public apology tour, giving an accounting to Businessweek of where the firm’s missing $8 billion went that included $1 billion worth of “f***ups.”

The Pentagon flashed its brand-new stealth nuclear bomber, the B-21 Raider, at a public unveiling event yesterday. The sleek stingray-shaped aircraft looks like a vessel straight out of Star Wars and is estimated to have cost around ~$750 million to build.

Developed in secret by Northrop Grumman over the past decade, the B-21 is the first new US bomber to be unveiled since the Cold War ended. The US wants to order 100 of the jets. The new fleet would represent a pivot in American defense manufacturing away from anti-terrorism capabilities toward equipment for a potential war against a powerful adversary, like China or Russia. 

Amid growing tensions in US–China relations, the latter is quickly expanding its nuclear arsenal, and the Pentagon expects China will possess 1,500 nuclear warheads by 2035. The public reveal of the new bomber is part of the US effort to keep up with that potential threat.

Bottom line: While the B-21 was designed to deliver nuclear and conventional weapons in stealth mode (with or without a pilot), the US clearly hopes that any potential foes saw the unveiling of the plane, which Northrop Grumman described as “a visible and flexible deterrent.”—SK

In 1982, President Ronald Reagan described US relations with the Netherlands as “the longest unbroken, peaceful relationship with any foreign country.”

But today, the two nations will put their friendship on ice as they battle in the World Cup at 10am ET. It’s the knockout round now, so you either win or go home.

To get you prepped for the game, here’s how the countries stack up against one another.

Mobility: The car-loving Americans can cover great distances on the pitch in quick bursts, but plumes of emissions and traffic jams could easily frustrate their attack. The Dutch, meanwhile, never run out of gas. In 2019–2020, the Dutch made 28% of all trips by bicycle, and there are more bikes in the country than people. Advantage: Netherlands.

History: The Dutch scored a huge own-goal by handing over ownership of Manhattan to England in the 17th century. But they’ve still managed to leave their imprint on the city through language (Breuckelen → Brooklyn, Haarlem → Harlem). Advantage: US, because it owns NYC now.

Consistency: Both teams have been plagued by moments where they get really, really excited for a short period of time…then crumble embarrassingly. The Dutch pioneered this strategy with tulip fever in the 1630s, but the US has also been vulnerable to bubbles—the dot-com era, SPACs, and (much of) crypto were all victories that turned into epic defeats. Advantage: neither one.

Prediction: USA 1, Netherlands 0.

Here are the other 14 teams in the knockout round.—NF

Stat: Tinder recently joined the parade of platforms releasing yearly stats. And while it’s no surprise that “sense of humor” was one of the top qualities daters were searching for in potential hookup partners, something actually stood out: Many swipers also want someone who’s into politics. Almost half of the singles (47%) said that finding out the person they’re dating doesn’t vote would be a dealbreaker. Perhaps reflecting the allure of political engagement, the Ukrainian flag was almost as popular to include in your profile as a shirtless pic next to a tiger. It broke into the top 10 emojis included in bios this year.

Quote: “The coolers will keep circling the world. You’ll be getting reports of people finding Yetis for the next 30 years.”

If you happen to live near the Alaskan coast, you might be able to score a free Yeti cooler (they can retail for as much as $750). The coolers have started washing up on the beach by the hundreds after the company lost 1,600 of them when cargo containers fell off a ship near British Columbia circa October 2021. The company is taking the accidental finders-keepers giveaway in stride, with CEO Matt Reintjes saying he hopes the tempest-tossed coolers get put to “good use.” You might not even need to brave the icy shores to nab one—there are reports that a pair of adventurous coolers made it all the way to Hawaii, and who knows where the ocean will send them next.

Read: Everything you need to know about the (likely) new leaders of Congress. (Morning Brew)

Weekend conversation starters:

• Will everything be magenta next year?
• How do you make an indoor ocean?
• When did pro sports franchises get so expensive (and why)?
• Are Portia’s outfits on The White Lotus good or bad?

It’s all an illusion…but it’s so good, it works even when you know how it’s done.

Dominate your holiday cookie swap. Here are 13 recipes for festive treats.

Crossword: There’s a blizzard coming. No, not a storm—just today’s crossword.

Open House

Welcome to Open House, the only newsletter section with fancy Ikea vibes. We’ll give you a few facts about a listing and you try to guess the price.

Hemnet

Today’s listing is a cottage in Boxholm, Sweden, a tiny town of ~5,500 people in the southern part of the country. Amenities include:

• 2 beds, 1.5 baths
• Raised deck next to your own personal koi pond
• Walking distance from Timmeröbadet, which, if you aren’t from the area, is a big lake

How much for your Midsommar dream home?

Ever looked at your bank account and wondered where your money went? The Money with Katie 2023 Wealth Planner can help you track your income, spending, investing, debt, and net worth in one easy-to-use tool.

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Learning how to use Excel for personal finance may take a little time. Luckily, there are tons of shortcuts to make it easier. Here are some of our favorites.