ESG is *not* about divesting or limiting the universe of investments or exclusionary screening. Wolfram and the SEC commissioner should consult the UN Principles for Responsible Investing (PRI) which explains what ESG is about. It is about considering the financially-material Environmental, Social, and Governance factors to which all companies are exposed, and engaging with companies as shareholders to manage risks for better long-term returns. ESG is sound risk management that creates value for shareholders, risk-adjusted returns for investors, and thus should be a fiduciary duty of pension trustees. An enormous range of academic studies have concluded that ESG does not reduce performance and can enhance returns. Wolfram's misleading attribution of ESG to CalPERS's under-performance rather than CalPER's overall asset allocation strategy or selection of thousands of securities, is grasping at straws. Gary Wolfram, affiliated with the conservative think tank Heartland Institute, heavily funded by Exxon Mobil and Big Oil, along with the SEC are trying to frame ESG as a "politically-motivated" approach, when in reality ESG is about risk management. In reality, the Heartland Institute and Trump-appointed SEC commissioner are rigging Big Oil's free ride. The Heartland Institute also worked closely with the Tobacco industry to deny the science linking smoking to cancer. Don't let them get away with it.