Managers get fired for underperforming indices, which can happen when taking defensive stands that cross the “wisdom” of the crowd. If instead the whole crowd is destroyed together, the index goes down too, and managers who just wrecked their client portfolios don’t get fired.

They probably just reset it for the first time. Don’t worry.

Climate change is inherently inflationary across the board. If a changing climate means we all have to do more just to preserve the status quo, then there you are.