James Fishback, CEO and co-founder of Azoria, told 'Fox & Friends First' about the new ETF's investment in anti-DEI companies and the goals for the new Department of Government Efficiency (DOGE).
A US-based investment firm is providing a new way for Americans to cut companies from their portfolios that prioritize diversity, equity and inclusion (DEI) initiatives over profits.
"I think it's going to be part of President Trump's historic mandate, calling out these companies, calling out government practices that put hiring based on race and gender over skill and merit," said Azoria co-founder and CEO James Fishback on "Fox & Friends First"Monday.
"Our new ETF coming out in 2025 will call out three dozen of these companies not just for being unethical," he added, "but for pursuing value-destructive behavior that hurts shareholders."
Fishback's company recently announced the launch of its own exchange-traded fund that will include all S&P 500 stocks — except for the three dozen that allegedly use DEI's pick-up targets.
GOOGLE ACCUSED OF 'WOKE' NEW CHRISTMAS AD WITH 'NON-BINARY' BEAUTY INFLUENCES
Some names that are not included in ETFs are Starbucks, Best Buy, Vanguard and BlackRock. In a recent New York Post op-ed, Fishback explained his position that companies that hire based on skills and merit will outperform those that hire based on race and gender.
The Azorias Meritocracy ETF (ticker 'SPXM') will at least exclude Starbucks, Vanguard, Best Buy and BlackRock. (Getty Images)
"Look, if you commit to hiring based on race and gender and not merit, your stock will continue to underperform. Our ETF will call you out," the co-founder and CEO told Fox News' Todd Piro.
"And what we're going to do is we're going to exclude those companies from the S&P so that investors can own only the companies that want to take the best and the brightest, no matter (what) they look like."
Starbucks represents one of the obvious exception options for Azoria's Meritocracy ETF (ticker 'SPXM'), as indicated by the coffee giant's Fishback first released its desired DEI timeline in 2020.
'The Robby Starbuck Show' host Robby Starbuck discusses the dangers of DEI as Lowe's joins a growing group of companies ditching progressive initiatives.
"They announced that they want to achieve 30% racial and ethnic diversity. What does making coffee have to do with profits in America?" he said. "You hire the best and brightest regardless of what they look like. That's how you put employees and shareholders first."
"Over the past five years, the S&P 500 is up almost 100%. Starbucks is only up 12%," Fishback said. "The espresso machine and the Wi-Fi aren't the problem. The people are the core of the business."
The changes started at the top for Fishback, who called on Starbucks' newly appointed CEO to relaunch some of the brand's "wake up" quotas.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
Former Target vice chairman and Toys 'R' Us CEO Gerald Storch said it's not the company's role to 'get involved' in the politics and controversy of 'Maria Bartiromo's Wall Street.'
"Brian NicolI have a lot of respect for him. He's turning to Chipotle, he can start turning to Starbucks tomorrow if he wants to, but he needs to get rid of this hiring quota and recommit to meritocracy."
Although the opening date of the ETF and the full list of stock options has not been announced, Fishback wrote in his op-ed: "To be clear, we will not banish this anti-meritocracy company forever."
Source link