Dozens of US investment behemoths like BlackRock and Blackstone have added statements to their annual reports cautioning that 'divergent views' and 'competing demands' on environmental, social and governance issues (what some call 'woke capitalism') represent a risk to their ability to raise funds and grow revenues, as well as adversely impacting their reputation. The likes of BlackRock and State Street have been lambasted by Republicans for their ESG investing policies. There's no way to appease both sides. People who take the climate crisis seriously won't accept any watering down of ESG-driven investing policies and those who believe an investment firm's sole priority should be to maximise investment returns will insist on the opposite. These risks are real, pretending otherwise isn't just pointless, it's potentially financially ruinous. Sooner or later these brands will need to pick a side: their purpose or mission statements should guide their choice.