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data-ttid="IameEmbedContaer" class="IameEmbedContaer-hptgUZ fXVBaX"><div class="IameEmbedAspectRatWrapper-hFVJps BKpgQ"><iame class="IameEmbedContent-cMdiev csnuAY IameEmbedContent lazyload" height="90" width="100%" sandbox="allow-scripts allow-same-orig allow-popups" tle="Embedd Frame" data-src=" allowfullscreen="" allow="toplay *; encrypted-media *; clipboard-wre; toplay; fullscreen; picture--picture"></iame></div></div></figure><p class="has-dropp has-dropp__lead-standard-headg paywall">In June, as the sun set on Dubl, Oh, a well-to-do suburb of Columb, several dozen people drsed golf shirts and floral shifts filed to a small dorium to listen to a talk by a new neighbor. Vivek Ramaswamy, a thirty-seven-year-old entreprenr, had settled the area wh his wife and toddler son after makg a large fortune as the founr of a btech pany. Now, thanks to dozens of appearanc on Fox News to cricize “cultural totalarianism” enforced by liberal él, he was closg on fame as a nservative pund. In the past year, he had st aspersns on Black Liv Matter and “the ath of mer”; mask mandat and U.S.-borr protectn; public-school curricula and the actor Jsie Smollett. All the flame-throwg had tablished him, the words of one anchor, as the work’s “woke and ncel-culture gu.”</p><p class="paywall">Ramaswamy has perfect-lookg teeth, a high forehead, and a thick shock of hair that ris to a swirl at his crown. Out on the siwalk, he’d hastily replaced his flip-flops wh sneakers, a nod to formaly. At the ont of the dorium, perched on a stool, he spoke to his microphone wh a showman’s br, as if addrsg a far larger crowd. He enjoyed foms like this, “where there’s no agenda, there’s no objective, other than to create spac for open nversatn, for people to be ee to say, and feel ee to say, the kds of thgs that they might have wanted to say behd closed doors,” he said, sg brightly. The te tt of the strength of a mocracy was not, he argued, how many people voted. It was “the percentage of people who feel ee to say what they actually thk, public.”</p><div><div class="ConsumerMarketgUnThemedWrapper-iUTMTf jssHut nsumer-marketg-un nsumer-marketg-un--article-mid-ntent" role="prentatn" aria-hidn="te"><div class="nsumer-marketg-un__slot nsumer-marketg-un__slot--article-mid-ntent nsumer-marketg-un__slot---ntent"></div><div class="journey-un"></div></div></div><p class="paywall">One of the opns he wished to air to those assembled was that “woke-ism”—a belief system that Ramaswamy se as an sid secular creed—has overtaken relig fah, patrtism, and the work ethic as a key Amerin value. Corporate virtue-signallg and hypocrisy are everywhere, he told the dience. “Let’s me about the racially disparate impact of climate change as you fly on a private jet to Davos,” he said, to lghter om the nearly all-whe crowd. C.E.O.s were recg “token” people of lor for their boards the name of diversy while refg to seek out diverse pots of view. The Walt Disney Company was self-righteoly prottg Florida’s “Don’t Say Gay” law after cuttg als wh the reprsive Che ernment to film footage for “Mulan” Xjiang.</p><p class="paywall">To Ramaswamy, such rporate do-goorism—and pecially environmental, social, and ernance vtg, known as E.S.G.—is a smoke screen signed to distract om the ls virtuo thgs that pani do to make money. Amazon donat to anizatns that aid Black muni while firg workers tryg to unnize. Nike produc advertisements wh the civil-rights activist and former N.F.L. quarterback Col Kaepernick while explog workers Asia. Many such pani, he timated to the dience, were buildg tac allianc wh the Democratic éle.</p><p class="paywall">That rporatns are given to hypocrisy is hardly a novel observatn. But Ramaswamy’s twist on the faiar crique, which he laid out last year a book entled “Woke, Inc.: Insi Corporate Ameri’s Social Jtice Sm,” is to place E.S.G. vtg at asset-management firms like BlackRock, Vanguard, and State Street at the center of what ails Amerin life. He lls this kd of socially nsc vtg—not polil rptn or dark money, not electn nialism, not disrmatn—the gravt danger that Amerin mocracy fac today. E.S.G., he told his dience, lets the private sector “do through the back door what our ernment uldn’t directly get done through the ont door.”</p><p class="paywall">The three top asset-management firms llectively hold more than twenty trilln dollars retirement funds and other pal, about the same as the natnal gross domtic product. And the stocks that the firms ntrol give them extraordary fluence over almost every public pany the world. “It’s not a right-leang issue, ’s not a left-leang issue,” he said. Private-sector attempts to addrs climate change are not only lghably scere, he argued; they’re encroachg on work that should be done by the ernment—and only if the cizens agree.</p><div data-attr-viewport-monor="le-recirc" class="le-recirc-wrapper le-recirc-observer-target-1 viewport-monor-anchor"></div><p class="paywall">Ramaswamy’s csa agast E.S.G. is based on a pair of seemgly ntradictory ias: that attempts by pani to addrs societal problems are cynil and effective, and that those attempts also pose an existential threat to the mocratic procs. But such nsistenci are often obscured by Ramaswamy’s ictnls oratoril style—a brisk patter, peppered wh referenc to Hobb and Hayek, that wends toward well-modulated moments of outrage. In Dubl, his words had gray and blond heads bobbg agreement.</p><p class="paywall">Ramaswamy’s mother worked as a geriatric psychiatrist; his father was an engeer and a patent lawyer at General Electric. They me to the U.S. om South India before Vivek was born, 1985. Growg up the Ccnati area, Vivek tablished himself as an overachiever: an acplished pianist, a natnally ranked tennis player, and the valedictorian of his Ju high school. He graduated om Harvard College and Yale Law School, worked at a hedge fund, then started a pharmactil pany, Roivant Scienc, where he ma hundreds of lns of dollars. That a chunk of this wealth rived om a failed effort to brg an Alzheimer’s dg to market is somethg he don’t dwell on  speech.</p><p class="paywall">After Ramaswamy emerged om that failure, his cuttg one-lers, which he ployed “Woke, Inc.” and on Twter, attracted notice at Fox News, and last year he left his pharmactil venture behd. His mother, Geetha, had never heard of Tucker Carlson or watched Fox News before her son started showg up on the work. “I wish he uld be on other channels as well,” she told me. But, to her chagr (and to his, though he’s slower to adm ), other works weren’t bg.</p><p class="paywall">In recent years, Ramaswamy has ntemplated a move to polics—somethg he discsed wh a iend om law school, J. D. Vance, a venture palist who was jt elected to the U.S. Senate Oh. But if the event Dubl, anized by a marketg executive, felt vaguely like a mpaign stop, Ramaswamy was there to promote more than policy ias. Although he’d begun his talk by sayg “there’s no agenda,” eventually turned to a sal pch for an vtment pany he’d jt started. The pany, Strive Asset Management, had the fancial backg of the billnaire Peter Thiel, Vance’s V.C. firm, and other vtors, and tend to pete wh BlackRock and s peers. Although Ramaswamy was still hirg and searchg for office space, he told the dience that Strive would soon offer vtment funds, at fe petive wh BlackRock’s, that wouldn’t ask the pani vted to “ph polil agendas.” It would ask them only to liver qualy products and servic and to make money for shareholrs.</p><div class="Contaer-bkChBi byNLHx"></div><p class="paywall">As the talk nclud, anti-woke vtg didn’t appear to be foremost on atten’ mds. Two women scend on Ramaswamy wh s as broad as his own. They’d found their own K-12 school after cricizg what was beg tght at their children’s private school. They planned to center virtue and patrtism their new curriculum. Would Ramaswamy like to meet wh them to discs further? (He would.) Two more women approached: would he attend their “Freedom Rally”? (He was supportive but nonmtal.) A man wh a thick and bristly mtache pulled close, stared him the ey, and asked, “When’s the last time you read ‘The Art of War’?” (“Uh, high school?”) Ramaswamy turned away to relieve his wife, Apoorva, a doctor who was eight and a half months pregnant, of their rtls two-year-old son. By the time he turned back, a woman a bright-red top was nfidg that she, too, was ncerned about the lol schools. As Ramaswamy’s son dipped his hand a cup of water and appeared ready to burst to tears, the woman said, “We’ve worked so hard to get rid of the genr-inty stuff. Now we want to . . .”</p><figure class="AssetEmbedWrapper-eVDQiB byBkf asset-embed"><div class="AssetEmbedAssetContaer-eJxoAx dBHGoQ asset-embed__asset-ntaer"><span class="SpanWrapper-umhxW kKwZhx rponsive-asset AssetEmbedRponsiveAsset-cXBNxi eCxVQK asset-embed__rponsive-asset"><div data-attr-viewport-monor="" class="RponsiveCartoonWrapper-iTMMjI eXTYsS rponsive-rtoon AssetEmbedRponsiveAsset-cXBNxi eCxVQK asset-embed__rponsive-asset viewport-monor-anchor"><a class="external-lk rponsive-rtoon__image-lk" data-event-click="{"element":"ExternalLk","outgogURL":"" href=" rel="nofollow noopener" target="_blank"><picture class="RponsiveImagePicture-cWuUZO dUOtEa RponsiveCartoonImage-hzNqyc ikeCcH rponsive-rtoon__image rponsive-image"><noscript><img alt="Angel talkg to God about all of the celtial objects the sky." class="RponsiveImageContaer-eybHBd fptoWY rponsive-image__image" src=" srcSet=" 120w, 240w, 320w, 640w, 960w, 1280w, 1600w" siz="100vw"/></noscript></picture></a><div class="CaptnWrapper-jSZdqE gdZTpI ptn RponsiveCartoonCaptn-dokfdF hJgaLQ rponsive-rtoon__ptn"><span class="BaseWrap-sc-gjQpdd BaseText-ewhhUZ CaptnText-bHjzlu iUEiRd hWyo bsWloa ptn__text">“You should really clean up your sktop.”</span></div><div class="CaptnWrapper-jSZdqE iTuhkZ ptn RponsiveCartoonCred-bKlQqO faLAFb rponsive-rtoon__cred"><span class="BaseWrap-sc-gjQpdd BaseText-ewhhUZ CaptnCred-ejegDm iUEiRd iicloT bmQtfn ptn__cred">Cartoon by Ellis Rosen</span></div><div class="RponsiveCartoonCTA-eiqqMB iDCQRs"><div class="RponsiveCartoonCTAWrapper-CYIqa iTbFtf"><div class="RponsiveCartoonLkButtonWrapper-hqDAJK eSEhbj"><button aria-label="Copy lk to rtoon" class="BaseButton-bLlsy ButtonWrapper-xCepQ bqVKKv YsOBB button button--primary-pair RponsiveCartoonInButton-hBCBMq lpsjql" data-event-click="{"element":"Button"}" data-ttid="Button" type="button"><span class="ButtonLabel-cjAuJN bBWXSg button__label">Copy lk to rtoon</span><div class="ButtonInWrapper-gFdzAL bPDyTT 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5.0875 19.394 7.00068 20.475C8.91385 21.5558 11.3602 20.9144 12.4648 19.0422L14.4648 15.6521C15.5694 13.78 14.9139 11.3859 13.0007 10.305C12.8127 10.1988 12.6195 10.1091 12.4229 10.0357C12.2195 9.95975 11.9956 10.0515 11.8867 10.236C11.7221 10.5151 11.8911 10.8724 12.1932 11.0008C12.2973 11.0451 12.4 11.0956 12.5007 11.1525C13.9356 11.9632 14.4272 13.7587 13.5988 15.1628L11.5988 18.5529C10.7704 19.957 8.93555 20.4382 7.50068 19.6274C6.0658 18.8167 5.57417 17.0212 6.4026 15.6171L7.6526 13.4983Z" fill="black"></path></g><fs><clipPath id="clip0_3732_178637"><rect width="24" height="24" fill="whe"></rect></clipPath><clipPath id="clip1_3732_178637"><rect width="24" height="24" fill="whe"></rect></clipPath></fs></svg></div></button><div class="AlertWrapper-gvFATk MdjE RponsiveCartoonLkAlertPopup-BPAXn kdMXRM shoppg-alert" role="dialog"><div aria-hidn="te" role="prentatn" class="AlertArrow-daOgye AlLda alert-arrow"></div><div class="BaseWrap-sc-gjQpdd BaseText-ewhhUZ AlertMsage-jgAjgo bVCFRm ifgabc cxFROy alert-msage"><p aria-hidn="te">Lk pied</p></div></div></div><button aria-label="Shop" class="BaseButton-bLlsy ButtonWrapper-xCepQ bqVKKv YsOBB button button--primary-pair RponsiveCartoonInButton-hBCBMq lpsjql" data-event-click="{"element":"Button"}" data-ttid="Button" type="button"><span class="ButtonLabel-cjAuJN bBWXSg button__label">Shop</span><div class="ButtonInWrapper-gFdzAL bPDyTT button__in-ntaer"><svg class="in in-rt" width="24" height="24" viewBox="0 0 24 24" fill="none" xmlns="><tle>Shop</tle><g clip-path="url(#clip0_3732_178638)"><path fill-le="evenodd" clip-le="evenodd" d="M4 3H2V4H4.23828L6.99617 15.2631C7.11483 15.6982 7.50998 16 7.96094 16H18.0365C18.4875 16 18.8826 15.6982 19.0013 15.2631L20.9648 7.26312C21.1383 6.62698 20.6594 6 20 6H10V7H20L18.0365 15H7.96094L5.03652 3H4.58055H4ZM10.0365 19C10.0365 19.5523 9.58881 20 9.03652 20C8.48424 20 8.03652 19.5523 8.03652 19C8.03652 18.4477 8.48424 18 9.03652 18C9.58881 18 10.0365 18.4477 10.0365 19ZM11.0365 19C11.0365 20.1046 10.1411 21 9.03652 21C7.93195 21 7.03652 20.1046 7.03652 19C7.03652 17.8954 7.93195 17 9.03652 17C10.1411 17 11.0365 17.8954 11.0365 19ZM18.0365 19C18.0365 19.5523 17.5888 20 17.0365 20C16.4842 20 16.0365 19.5523 16.0365 19C16.0365 18.4477 16.4842 18 17.0365 18C17.5888 18 18.0365 18.4477 18.0365 19ZM19.0365 19C19.0365 20.1046 18.1411 21 17.0365 21C15.932 21 15.0365 20.1046 15.0365 19C15.0365 17.8954 15.932 17 17.0365 17C18.1411 17 19.0365 17.8954 19.0365 19Z" fill="black"></path></g><fs><clipPath id="clip0_3732_178638"><rect width="24" height="24" fill="whe"></rect></clipPath><clipPath id="clip1_3732_178638"><rect width="24" height="24" fill="whe"></rect></clipPath></fs></svg></div></button></div></div></div></span></div></figure><p class="paywall">A shadow flickered across Ramaswamy’s face. “Don’t talk about that so much,” he told her while also signallg to his wife and a body man who was travellg wh him that was time to move on. “Talk about what you want to replace wh stead—civic tn, Amerin history, patrtism.”</p><p class="has-dropp has-dropp__lead-standard-headg paywall">The term “woke,” which dat back nearly a century, was ially ed Black muni to scribe a raisg of nscns and has sce bee a tchall notg awarens of a range of social-jtice issu. In recent years, “wokens” has also bee, nservative circl, a subject of spicn and ridicule: shorthand for performative righteons, like “polil rrectns” before . Opposn to woke prcipl has bee a bs opportuny, too. A former Green Beret has found succs wh a “patrtic” ffee brand, Black Rifle, based Salt Lake Cy. The nservative mentator Sara Gonzal found Amerin Bety, a smetics pany “for women who love Ameri.” (Lipstick shas clu Freedom Fighter and Triggered.) Vansa Santos, who ns a right-leang public-relatns firm lled Red Renega PR, told me that the market for anti-woke goods is niche but arnt. “People want to buy somethg that’s patrtic,” Santos told me, and “they want to know the kd of person who’s behd the product.”</p><p class="paywall">Ramaswamy’s Strive isn’t even the only “anti-woke” asset-management firm to lnch the past few years. In 2020, the money managers William Flaig and Tom Carter started the Amerin Conservative Valu E.T.F., a fund that boytts pani emed to be supportg a liberal agenda. 2ndVote Funds, which offers two products and emphasiz nservative and fah-based valu, appeared the same year. Last month, Strive surpassed both outfs size, announcg that had more than five hundred ln dollars vtment assets after s first three months.</p></div></div></div><div class="GridItem-buujkM fVLMby grid--em grid-layout__asi"><asi class="PersistentAsiWrapper-VGrR daRVRt persistent-asi" style="posn:absolute;top:to;height:to" data-ttid="PersistentAsiWrapper"><div class="StickyBoxWrapper-jfYB jxBcTH sticky-box"><div class="StickyBoxPrimary-dzWDWL cdhYoN sticky-box__primary"><div class="AdWrapper-dQtivb fZrssQ ad ad--rail"><div class="ad__slot ad__slot--rail" data-no-id="87b7pc"></div></div><div class="ConsumerMarketgUnThemedWrapper-iUTMTf jssHut nsumer-marketg-un nsumer-marketg-un--display-rail" role="prentatn" aria-hidn="te"><div class="nsumer-marketg-un__slot nsumer-marketg-un__slot--display-rail"></div><div class="journey-un"></div></div></div><div class="StickyBoxPlaceholr-grPmrg dxAvXx"></div></div></asi></div></div><div class="RowWrapper-UmqTg HEhan full-bleed-ad row-mid-ntent-ad"><div class="StickyMidContentAdWrapper-fSBzwl drzyIa ad-stickymidntent"><div class="AdWrapper-dQtivb fZrssQ ad ad--mid-ntent should-hold-space"><div class="ad__slot ad__slot--mid-ntent" data-no-id="832hrm"></div></div></div></div><div class="GridWrapper-cAzTTK kHBDeH grid grid-margs grid-ems-2 ArticlePageChunksGrid-hfxa bjczjj grid-layout--adrail narrow wi-adrail"><div class="GridItem-buujkM stRKV grid--em grid-layout__ntent"><div class="BodyWrapper-kufPGa bDyAMU body body__ntaer article__body" data-journey-hook="client-ntent" data-ttid="BodyWrapper"><div class="body__ner-ntaer"><p class="paywall">What Strive sells are E.T.F.s—exchange-trad funds, which nsist of a basket of stocks or bonds, siar to a mutual fund. The first E.T.F. that the firm troduced vts energy pani. It was soon followed by an E.T.F. that focs on the seminductor dtry. Strive also began a publicy mpaign targetg seven pani—Amazon, Apple, Chevron, Cigroup, Disney, ExxonMobil, and Home Depot—that Ramaswamy claims would be more profable if they abandoned their E.S.G. goals.</p><div data-attr-viewport-monor="le-recirc" class="le-recirc-wrapper le-recirc-observer-target-2 viewport-monor-anchor"></div><p class="paywall">The creatn of firms like Ramaswamy’s reprents a untermovement to a phenomenon that self was a untermovement. E.S.G. vtg arose part as a rponse to the ncept of shareholr primacy, which Milton Friedman famoly articulated a 1970 say the <em>Tim.</em> Corporatns should not be ncerned wh the public tert, such as rcg discrimatn and pollutn, he argued. Managers’ only duty was to maximize the profs of shareholrs, the pany’s te owners—an ia that, for obv reasons, was stantly appealg to many vtors.</p><p class="paywall">The opposg argument, which me to be known as stakeholr palism, ntend that when pani ma cisns they had a rponsibily—fancial as well as ethil—to everyone affected by their algs. As such, they might weigh factors other than prof, such as environmental impacts and the well-beg of workers and muni. The term “E.S.G.” was first formally proposed a 2004 U. N. Global Compact report. Specific ways of measurg a pany’s E.S.G. performance have sce been refed to a srg system. Pensn-fund managers, for example, might e the sr to evaluate long-term risks such as climate change and mographic shifts, to avoid squanrg the money of workers who would pend on their retirement funds the future. Some pani game their E.S.G. sr and exaggerate their “rponsible” choic as a cynil marketg strategy. But even pani that take the goals serly aren’t motivated primarily by virtue. Rebec Henrson, a Harvard Bs School profsor who nsults wh pani on staabily, said, “I promise you, the pani want to make money.” But, she add, executiv are also eager to stay viable a future which rbon might be taxed and more employe and nsumers will avoid pani that pollute heedlsly or mistreat their workers.</p><p class="paywall">Larry Fk, BlackRock’s C.E.O. and a proponent of E.S.G. vtg, is a favore target of Ramaswamy. As a shepherd of around eight trilln dollars vtor money, Fk has urged pani to adopt plans to bee rbon ntral and ultimately transn to a post-rbon enomy. Ramaswamy ntends, whout cg specific evince, that Fk is llaboratg wh polil él on such matters: promotg environmental polici that they have failed to ph through Congrs. He has attacked Fk’s supposed liberal agenda so assiduoly that a newer to U.S. polics might, after imbibg nservative media, mistake the BlackRock C.E.O.—one of the most powerful men on Wall Street—for a darlg of the Amerin left.</p><p class="paywall">BlackRock’s bs is more plited than Ramaswamy suggts. For stance, not all of s funds are E.S.G.-based. (A pany spokperson not that ls than six per cent of s assets unr management are “dited staable vtg strategi.”) Last year, BlackRock announced that would allow vtors some of s funds to participate pany shareholr vot on matters such as executive pensatn and climate polici, rather than BlackRock votg on their behalf.</p><p class="paywall">Some skeptics of Ramaswamy speculate that, for all his suatns about Fk’s allianc, he’s part of a well-tablished mpaign that is guid by right-wg mega-donors and is tent on sabotagg climate-change measur. Ramaswamy dismiss such notns; he’s down, he says, wh the “grassroots” people—nservative patrts who are fuellg anti-E.S.G. backlash that has reached Republin-ntrolled legislatur om Texas to Wt Virgia. In October, Louisiana announced that would whdraw nearly eight hundred ln dollars om BlackRock. Siarly, Florida later clared that would divt two billn dollars om the pany.</p><p class="paywall">Bill Ackman, the founr of Pershg Square Capal, a fifteen-billn-dollar hedge fund, was, behd Thiel and his affiliat, the send-biggt seed vtor Strive. Still, he told me, he disagre wh much of what Ramaswamy says: “My experience, at least wh the pani we know, is that beg thoughtful wh everythg om packagg to environmental nsiratns is generally somethg that’s good for bs. If Exxon were smarter, they probably should have ma some earlier-stage vtments. They should have put up pal the first round of Tla.” Nohels, Ackman appreciat Ramaswamy’s emphasis on what he thks is an unhealthy ncentratn of pal the asset-management dtry. “A world which three fund managers are ntrollg rporate Ameri is not a world that’s good for Ameri,” Ackman said. Bee BlackRock and s petors make most of their money through fe, he said, and don’t own the stock they ntrol on behalf of their vtors, they have ltle at stake the oute of polici that they’re promotg.</p><p class="paywall">Tariq Fancy, who until 2019 worked as BlackRock’s global chief vtment officer for staable vtg, has doubts about both Ramaswamy and E.S.G. He has nclud that staable vtg, at least as BlackRock was practicg , is unterproductive. E.S.G. creat an illn of progrs that allows people to avoid harr, more meangful ways of addrsg climate change and other problems. He said that most E.S.G. vtg (which he differentiated om rporatns tryg to make themselv “greener”) tak the form of divtment—choosg not to put money , say, fossil-fuel pani. Such discrete redirectns of rourc, he suggts, are unlikely to build to movements powerful enough to provoke broad policy change. “Look at the Middle East,” Fancy said. “They’d talk about not havg vtments alhol, but they never thought that would stop people France om drkg we.” He also noted that Ramaswamy and other nservativ say that the ernment, not people like Larry Fk, should addrs climate change, but fail to acknowledge that the polil and regulatory procs has been distorted by rporate terts. “If they were ser, they would follow the argument to s natural ncln,” he said. “You would want to get money out of polics. ” The more likely realy, Fancy believ, is that the Ramaswamys and Thiels of the world would prefer to see ltle to no ernment actn on climate change, labor practic, diversy boardrooms, or other issu.</p></div></div></div><div class="GridItem-buujkM fVLMby grid--em grid-layout__asi"><div class="StickyBoxWrapper-jfYB jxBcTH sticky-box"><div class="StickyBoxPrimary-dzWDWL cdhYoN sticky-box__primary"></div><div class="StickyBoxPlaceholr-grPmrg dxAvXx"></div></div></div></div><div class="RowWrapper-UmqTg HEhan full-bleed-ad row-mid-ntent-ad"><div class="StickyMidContentAdWrapper-fSBzwl drzyIa ad-stickymidntent"><div class="AdWrapper-dQtivb fZrssQ ad ad--mid-ntent should-hold-space"><div class="ad__slot ad__slot--mid-ntent" data-no-id="266c5e"></div></div></div></div><div class="GridWrapper-cAzTTK kHBDeH grid grid-margs grid-ems-2 ArticlePageChunksGrid-hfxa bjczjj grid-layout--adrail narrow wi-adrail"><div class="GridItem-buujkM stRKV grid--em grid-layout__ntent"><div class="BodyWrapper-kufPGa bDyAMU body body__ntaer article__body" data-journey-hook="client-ntent" data-ttid="BodyWrapper"><div class="body__ner-ntaer"><p class="paywall">When I asked Ramaswamy why he ignor how money polics promis the regulatory and legislative procs, the issue seemed to bore him. People had been ettg about gettg money out of polics for years, he said. His Larry-Fk-as-left-wg-bogeyman theory, by ntrast, felt h.</p><div data-attr-viewport-monor="le-recirc" class="le-recirc-wrapper le-recirc-observer-target-3 viewport-monor-anchor"></div><p class="paywall">But didn’t the enormo ncentratn of wealth the hands of a few pose a ser threat to mocracy? Not necsarily, he replied. “You n buy your yachts, you n buy your ho, you n buy your nice rs, but you shouldn’t be able to buy a greater share of voice as a cizen,” he said. The ultra-wealthy <em>did</em> buy more of a voice, I poted out, by fluencg the polil procs at every level, om choosg the Print and hirg lobbyists who wre legislatn to pourg money to school-board electns. He picked up his phone, as if to seek out a more tertg nversatn. “I jt don’t thk that’s the biggt problem.”</p><p class="has-dropp has-dropp__lead-standard-headg paywall">Shortly after Ramaswamy was born, his fay missned his horospe, which predicted that he was sted for greatns. He would later say that his fay btowed on him, their firstborn, a sense of “ep-seated superry” and an expectatn that he would outperform the “average medcre Jo” wh whom he went to school. Geetha told me that she and her hband, known as V. G., believed that Vivek and his younger brother, Shankar, as children of immigrants, would have to work harr to succeed than the children of Amerin-born parents. “There are a lot of thgs we didn’t know, beg om India,” she said.</p><p class="paywall">In eighth gra, at a large and enomilly diverse public school, Vivek was “roughed up” and phed down the stairs by a Black stunt. An jured hip required surgery, and his parents cid to enroll him a private preparatory school. When I first asked Ramaswamy if that cint fluenced his views on race, he seemed not to have thought much about . But some days afterward he wonred aloud if the experience had precipated his doubt that members of one unrreprented group had a unique claim on beg discrimated agast: “All human begs n be on both the givg and receivg end of that.”</p><p class="paywall">A stra of anim toward Black Amerins ns through much of Ramaswamy’s public mentary. After a foundatn that has been lked to Black Liv Matter was disvered to have spent donatns on high-end real tate, he started to quip that B.L.M. should stand for “Big Lavish Mansns.” In our nversatns, he uld be siarly antagonistic, as when he discsed how today’s civil-rights activists—a group he fed as prisg Al Sharpton, Jse Jackson, and Ibram X. Kendi—had “sold out” to rporate Ameri. He uldn’t say exactly how Kendi had sold out, but he believed that Jackson, the Baptist mister and former Printial ndidate, who is now his eighti, had profeered on his standg as a civil-rights lear. Ramaswamy likened this to extortn, but later clarified that the extortn attempts he meant to cricize were racial-equy ds nducted by the former Attorneys General Eric Holr and Loretta Lynch and their law firms. Corporatns such as Starbucks and Verizon, he said, felt that to avoid accatns of racism they had to hire the firms, often at great expense, to asss their diversy polici.</p><p class="paywall">“I fely fd the ia of systemic racism revoltg,” Ramaswamy told me. He allowed that had existed the U.S. at moments the past, offerg the era of slavery as one example. But racism was atrophyg, he said, so societal goods should not be unevenly distributed on racial grounds. He mentned a whe, heavyset nservative male classmate at Harvard who was nsired unol, and argued that the social peckg orr was stacked agast him “more than some athletic Black kid who me and got a place on the basketball team.” Ramaswamy blamed affirmative actn and siar polici for forcg éle stutns to lower their standards, and said that the current narrative of systemic racism creat more racism than would otherwise exist. “Affirmative actn is the sgle biggt form of stutnalized racism Ameri today,” he nclud.</p><p class="paywall">Ramaswamy’s polil awakeng began not at home but the pany of a nservative-Christian piano teacher wh whom he took private lsons om elementary through high school. As he worked his way om the easy Bach prelus to Mozart’s “Rondo Alla Tur,” the teacher, who beme somethg of a godmother, railed agast Hillary Clton and extolled the virtu of ee speech, patrtism, and Ronald Reagan.</p><p class="paywall">A nservatism that puts s fah unfettered markets would e to rm even Ramaswamy’s unrstandg of ste relatns the Indian state of Kerala, where he spent summers wh his fay. Ramaswamy’s fay is Brahm, the hight ste the Hdu hierarchy. In “Woke, Inc.,” he matas that “Amerin-style palism” is repairg the damage of that pernic system, wrg approvgly that a “lower-ste guy” India n now liver Domo’s pizza and “my fay tips him to show their appreciatn.”</p><p class="has-dropp has-dropp__lead-standard-headg paywall">At Harvard, where he majored blogy, Ramaswamy joed the South Asian Associatn but was more terted Amerin polics. Intifyg as a libertarian, he beme print of the Harvard Polil Unn. He also performed Emem vers and origal ee-market-themed rap songs as a kd of alter ego lled Da Vek. Pl Davis, who lived a dorm wh Ramaswamy and later worked wh him at his pharmactil pany, said, “He knows his views and style bbed some people the wrong way, but he didn’t re.”</p><p class="paywall">At the time, Ramaswamy was irrated by what he saw as groupthk all around him. One of his classmat’ mpaigns, a ph to raise wag for janors on mp, prompted him to lash out the <em>Harvard Crimson</em>. The article was an early monstratn of his glee at puncturg what he se as liberal pieti. Those supportg a wage crease, he wrote, had advertently lked the “fundamental human worth” of the workers they were champng to the paychecks they received. Te, a bigger paycheck might give the janors more fancial stabily. But the higher pay—more than “the laws of supply and mand would require,” he claimed—would signify that Harvard stunts felt sorry for the janors. This would harm the janors other ways, as “a nscendg stra of sympathy subtly yet naturally replac the mutual human rpect that otherwise would have existed.”</p><p class="paywall">The summer after Ramaswamy’s sophomore year, he took an ternship at a ne-billn-dollar hedge fund lled Amaranth Advisors. He thought that workg the firm’s btech divisn, where a team of doctors and scientists evaluated stocks for the firm to vt , might be more excg than workg a lab. “Woke, Inc.” rerds his disillnment wh the experience. He rells Amaranth’s founr, Nicholas Maounis, explag to the summer terns that the purpose of a hedge fund was “to turn a pile of money to an even bigger pile of money.” Ramaswamy joed a pany-sponsored cise, where he says he me to the attentn of the firm’s big trars by wng a poker tournament. After that, they began takg him to extravagant rtrants and clubs wh bottle service—dulgenc subsidized by vtor fe. “Even at the age of neteen, stck me as, like, this is not the way a pany should be,” he said. The next year, after one of the firm’s trars reportedly lost several billn dollars a week bettg on natural-gas futur, Amaranth llapsed. (Maounis, through legal unsel at his new firm, Vern Fund Management, said that he rellected neher Ramaswamy nor the events he related.)</p><figure class="AssetEmbedWrapper-eVDQiB byBkf asset-embed"><div class="AssetEmbedAssetContaer-eJxoAx dBHGoQ asset-embed__asset-ntaer"><span class="SpanWrapper-umhxW kKwZhx rponsive-asset AssetEmbedRponsiveAsset-cXBNxi eCxVQK asset-embed__rponsive-asset"><div data-attr-viewport-monor="" class="RponsiveCartoonWrapper-iTMMjI eXTYsS rponsive-rtoon AssetEmbedRponsiveAsset-cXBNxi eCxVQK asset-embed__rponsive-asset viewport-monor-anchor"><a class="external-lk rponsive-rtoon__image-lk" data-event-click="{"element":"ExternalLk","outgogURL":"" href=" rel="nofollow noopener" target="_blank"><picture class="RponsiveImagePicture-cWuUZO dUOtEa RponsiveCartoonImage-hzNqyc ikeCcH rponsive-rtoon__image rponsive-image"><noscript><img alt="Frontseat passenger talkg to driver about the traffic." class="RponsiveImageContaer-eybHBd fptoWY rponsive-image__image" src=" srcSet=" 120w, 240w, 320w, 640w, 960w, 1280w, 1600w" siz="100vw"/></noscript></picture></a><div class="CaptnWrapper-jSZdqE gdZTpI ptn RponsiveCartoonCaptn-dokfdF hJgaLQ rponsive-rtoon__ptn"><span class="BaseWrap-sc-gjQpdd BaseText-ewhhUZ CaptnText-bHjzlu iUEiRd hWyo bsWloa ptn__text">“There’s another route that’s ten mut faster, but we won’t get to see what’s g this slowdown.”</span></div><div class="CaptnWrapper-jSZdqE iTuhkZ ptn RponsiveCartoonCred-bKlQqO faLAFb rponsive-rtoon__cred"><span class="BaseWrap-sc-gjQpdd BaseText-ewhhUZ CaptnCred-ejegDm iUEiRd iicloT bmQtfn ptn__cred">Cartoon by Amy Hwang</span></div><div class="RponsiveCartoonCTA-eiqqMB iDCQRs"><div class="RponsiveCartoonCTAWrapper-CYIqa iTbFtf"><div class="RponsiveCartoonLkButtonWrapper-hqDAJK eSEhbj"><button aria-label="Copy lk to rtoon" class="BaseButton-bLlsy ButtonWrapper-xCepQ bqVKKv YsOBB button button--primary-pair RponsiveCartoonInButton-hBCBMq lpsjql" data-event-click="{"element":"Button"}" data-ttid="Button" type="button"><span class="ButtonLabel-cjAuJN bBWXSg button__label">Copy lk to rtoon</span><div class="ButtonInWrapper-gFdzAL bPDyTT button__in-ntaer"><svg class="in in-pylk" width="24" height="24" viewBox="0 0 24 24" fill="none" xmlns="><tle>Copy lk to rtoon</tle><g clip-path="url(#clip0_3732_178637)"><path fill-le="evenodd" clip-le="evenodd" d="M16.3488 10.5017C16.2107 10.7357 16.2926 11.035 16.5318 11.17C16.7709 11.3052 17.0767 11.225 17.2148 10.991L18.4648 8.87225C19.5694 7.00002 18.9139 4.60601 17.0007 3.52508C15.0875 2.44415 12.6412 3.08562 11.5366 4.95785L9.53657 8.34782C8.432 10.22 9.08751 12.6141 11.0007 13.6949C11.1888 13.8012 11.382 13.8908 11.5785 13.9642C11.7819 14.0403 12.0058 13.9485 12.1147 13.764C12.2794 13.4849 12.1103 13.1276 11.8083 12.9992C11.7041 12.9549 11.6014 12.9044 11.5007 12.8475C10.0658 12.0368 9.57417 10.2413 10.4026 8.83712L12.4026 5.44715C13.2311 4.04298 15.0658 3.56187 16.5007 4.37257C17.9356 5.18327 18.4272 6.97878 17.5988 8.38295L16.3488 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19.5523 9.58881 20 9.03652 20C8.48424 20 8.03652 19.5523 8.03652 19C8.03652 18.4477 8.48424 18 9.03652 18C9.58881 18 10.0365 18.4477 10.0365 19ZM11.0365 19C11.0365 20.1046 10.1411 21 9.03652 21C7.93195 21 7.03652 20.1046 7.03652 19C7.03652 17.8954 7.93195 17 9.03652 17C10.1411 17 11.0365 17.8954 11.0365 19ZM18.0365 19C18.0365 19.5523 17.5888 20 17.0365 20C16.4842 20 16.0365 19.5523 16.0365 19C16.0365 18.4477 16.4842 18 17.0365 18C17.5888 18 18.0365 18.4477 18.0365 19ZM19.0365 19C19.0365 20.1046 18.1411 21 17.0365 21C15.932 21 15.0365 20.1046 15.0365 19C15.0365 17.8954 15.932 17 17.0365 17C18.1411 17 19.0365 17.8954 19.0365 19Z" fill="black"></path></g><fs><clipPath id="clip0_3732_178638"><rect width="24" height="24" fill="whe"></rect></clipPath><clipPath id="clip1_3732_178638"><rect width="24" height="24" fill="whe"></rect></clipPath></fs></svg></div></button></div></div></div></span></div></figure><p class="paywall">Ramaswamy’s next summer ternship, another disappotment, was at Goldman Sachs. He scrib the ner workgs of the firm as a chara, wh jad bankers hand-tailored drs shirts dog ltle while makg a show of how by they were. He was pecially stck by what was often lled Service Day, when employe engaged volunteer projects around the cy. One day, he relled, he and some -workers gathered at a park Harlem for a tree-plantg ssn. A Goldman boss showed up Gucci boots, told the employe to take photographs to document their prence, and then spl. The group renvened shortly afterward at a bar. (A former Goldman executive who participated the volunteer program for nearly two s told me that, although the flavor of the episo seemed credible, was hard to image an entire group abandong a project before startg.)</p><div data-attr-viewport-monor="le-recirc" class="le-recirc-wrapper le-recirc-observer-target-4 viewport-monor-anchor"></div><p class="paywall">When Ramaswamy remarked to a lleague that should be lled Social Day, not Service Day, the lleague asked him if he’d ever heard of the Goln Rule. To treat others as one wished to be treated, Ramaswamy offered. “No,” the lleague told him. “He who has the gold mak the l.”</p><p class="has-dropp has-dropp__lead-standard-headg paywall">After graduatg om Harvard, Ramaswamy took a job as a btech-stock analyst at QVT, a hedge fund New York Cy led by physicists he nsired brilliant. He learned about fancial engeerg and how to evaluate vtment opportuni, but after a uple of years he got rtls. In 2010, he spent a day dg class at Yale Law School, where he’d prevly ferred enrollment. Stg on a crimal-law urse tght by Jed Rubenfeld, Ramaswamy was mmerized.</p><p class="paywall">“I am herently terted qutns of jtice,” he told me. “It was a discipled way to explore and figure out what I believed about thgs. I thought, I have to do this.” While ntug to work at QVT, he enrolled at the law school. In the years he was there, he said, he ma around ten ln dollars. At Yale, he tablished important nnectns: wh Vance, a fellow Ccnati Bengals fan; Thiel, who hosted an timate lunch semar for select stunts, and who later staked him on a venture helpg senr cizens accs Medire; and his future wife, Apoorva, who lived across the way om him while attendg medil school.</p><p class="paywall">Ramaswamy stayed at the hedge-fund job after gettg his law gree, and also took a standup-edy class. The urse was “trmatizg,” he said—he wasn’t any good. But he did learn a trick that stuck: rryg around a notebook to pture passg thoughts or jok as soon as they arose. While rearchg btech pani for QVT, he began fillg the notebook wh ias and wh imprsns of executiv he met. In 2014, the scribblgs beme the basis for Roivant, his pharmactil venture. It was a fe time to start a pany. Venture-pal vtors were flh wh sh and searchg for amb young men wh startups that they uld vt .</p></div></div></div><div class="GridItem-buujkM fVLMby grid--em grid-layout__asi"><div class="StickyBoxWrapper-jfYB jxBcTH sticky-box"><div class="StickyBoxPrimary-dzWDWL cdhYoN sticky-box__primary"><div class="AdWrapper-dQtivb fZrssQ ad ad--rail"><div class="ad__slot ad__slot--rail" data-no-id="dkgzgn"></div></div><div class="ConsumerMarketgUnThemedWrapper-iUTMTf jssHut nsumer-marketg-un nsumer-marketg-un--display-rail" role="prentatn" aria-hidn="te"><div class="nsumer-marketg-un__slot nsumer-marketg-un__slot--display-rail"></div><div class="journey-un"></div></div></div><div class="StickyBoxPlaceholr-grPmrg dxAvXx"></div></div></div></div><div class="RowWrapper-UmqTg HEhan full-bleed-ad row-mid-ntent-ad"><div class="StickyMidContentAdWrapper-fSBzwl drzyIa ad-stickymidntent"><div class="AdWrapper-dQtivb fZrssQ ad ad--mid-ntent should-hold-space"><div class="ad__slot ad__slot--mid-ntent" data-no-id="ewjy7n"></div></div></div></div><div class="GridWrapper-cAzTTK kHBDeH grid grid-margs grid-ems-2 ArticlePageChunksGrid-hfxa bjczjj grid-layout--adrail narrow wi-adrail"><div class="GridItem-buujkM stRKV grid--em grid-layout__ntent"><div class="BodyWrapper-kufPGa bDyAMU body body__ntaer article__body" data-journey-hook="client-ntent" data-ttid="BodyWrapper"><div class="body__ner-ntaer"><p class="paywall">The pharmactil-velopment procs, which volv movg dgs through rounds of ttg and approvals, is slow, and dgs are often abandoned along the way. Sometim a dg don’t work. Other tim, the cisn to drop a product is enomic: executiv terme that the dg, no matter how effective, won’t be profable, or won’t align wh their bs strategy. Ramaswamy’s ia was that Roivant uld license dgs that had been left languishg, take them through the rt of the velopment procs, and share the proceeds wh the origal manufacturer.</p><p class="paywall">Ramaswamy had no experience nng a pany. Nohels, he’d soon clare that Roivant would be the “Berkshire Hathaway of dg velopment.” He raised approximately nety-three ln dollars om vtors, among them QVT. Roivant had around ten employe at the start, cludg Ramaswamy’s mother and brother, and was anized the spir of a hedge fund, wh subsidiari that each specialized a sgle medil issue, such as women’s health or urology. Scientists and pharmactil experts hired for a subsidiary were offered equy the pany as an centive to leave jobs at more tablished dgmakers. Ramaswamy’s advisory board clud several well-known Democrats, cludg Tom Daschle, the former Senate Majory Lear; Kathleen Sebeli, the former Secretary of Health and Human Servic unr Print Barack Obama; and Donald Berwick, the former admistrator of the Centers for Medire and Mediid Servic.</p><p class="paywall">Berwick was attracted to Roivant, he told me, bee of s mment to improvg accs to cril medic. “I thought he had latched on to an important problem that there are important dgs that don’t get veloped bee they don’t f the bs mol of the pany, so the assets stay on the shelf,” Berwick said. “His ia was to get them off the shelf by makg them attractive. ” In discsns wh Ramaswamy, “polics never me up,” Berwick said. What the founr did talk about was pricg dgs reasonably so that they’d be accsible to patients who need them.</p><p class="paywall">At the end of 2014, Roivant acquired one of s first dgs, an experimental Alzheimer’s meditn, om GlaxoSmhKle, for five ln dollars up ont. There is no effective treatment for Alzheimer’s, and dg pani have spent billns of dollars tryg to velop one. Geetha Ramaswamy had worked for pharmactil pani that were velopg treatments for Alzheimer’s and other gnive disorrs, and had clil expertise that would be valuable to her son’s pany. The dg that Roivant bought, known as SB-742457, had been shelved even though early trial phas had shown signs of reversg mental cle when paired wh an olr dg lled Aricept. Ramaswamy’s pany would owe G.S.K. a 12.5-per-cent royalty on sal and other possible payments should manage to brg SB-742457 to market.</p><p class="paywall">In 2015, the btech dtry was the midst of a boom—or, some might say, a bubble. Stock pric had been skyrocketg an environment full of hype. Ramaswamy took advantage of the moment. He created a subsidiary Bermuda to own the dg, and prepared to sell shar to the public before the meditn, batn wh Aricept, began the pivotal Phase III clil trial.</p><div data-attr-viewport-monor="le-recirc" class="le-recirc-wrapper le-recirc-observer-target-5 viewport-monor-anchor"></div><p class="paywall">That June, the subsidiary, Axovant, raised more than three hundred ln dollars through an ial public offerg—a remarkable amount given that the subsidiary’s value was based solely on the potential of one untted dg. As the dg, sce renamed tepirde, proceed through the clil trial, wh around thirteen hundred patients, <em>Forb</em> put Ramaswamy on s ver and lled him “The 30-Year-Old CEO Conjurg Dg Compani om Th Air.” In the acpanyg article, Ramaswamy clared, “This will be the hight return on vtment enavor ever taken up the pharmactil dtry.” The followg year, <em>Forb</em> named him one of the richt entreprenrs Ameri unr the age of forty. But September, 2017, wh Axovant reportedly valued at around $2.6 billn, Ramaswamy received an unpleasant phone ll. Intepirde was a bt. It had failed to meangfully improve the health or gnn of the patients the clil trial.</p><p class="paywall">“It felt huiatg,” Ramaswamy told me. Roivant had acquired another promisg dg, to treat prostate ncer, that, when ed batn wh a send dg, seemed to ease symptoms of utere fibroids and endometrsis. But the prostate meditn was years away om g to market. “I’d let people down. I took hard,” he said. Even now, he says, the wounds om the fias aren’t fully healed. However, he’s e up wh a posive sp on : “My latu for beg willg to fail big is a lot higher than was then.”</p><p class="has-dropp has-dropp__lead-standard-headg paywall">In the summer of 2019, the Bs Roundtable, an associatn of more than two hundred C.E.O.s of the largt pani the untry, issued a new statement of rporate rponsibily, sayg that bs should aim to operate ethilly addn to liverg profs to their shareholrs. The statement was not bdg for members, but reflected anxieti about wealth equaly and about the clg fancial secury of the middle class. Around that time, dividual pani, om Airbnb to Cigroup, issued their own statements on moral obligatns. In January, 2020, at the World Enomic Fom Davos, David Solomon, the C.E.O. of Goldman Sachs, announced that the firm, s U.S. and Wtern European markets, would no longer unrwre ial public offergs for pani whose boards lacked at least one “diverse” member. (That number is now two.)</p><p class="paywall">Ramaswamy’s notebook began fillg up aga. “Everyone was sayg the exact same thg at the exact same time, and got unr my sk,” he said. He submted an op-ed to the <em>Wall Street Journal</em> which he nounced “stakeholr palism” for advisg powerful pani “to implement the social goals that their CEOs want to ph.” The were issu that should be cid by the cizenry, he wrote, through votg and policymakg. After the article ran, Ramaswamy relished the impact that he seemed to be havg. “It wasn’t like beg at a dner party, where I’m jt sharg my opns,” he told me. “If I wasn’t the one makg that argument, I wasn’t sure if anyone else would be takg that on. That was enjoyable, but also me wh some sense of rponsibily. ”</p><p class="paywall">A book seemed like a natural next step. Seekg advice, he turned to Rubenfeld and his wife, Amy Chua, who is also a profsor at Yale Law School and whose book “Battle Hymn of the Tiger Mother,” about spurrg her two dghters to bee overachievers, had been a bt-seller. (Chua had also mentored Vance at Yale and advised him on the wrg of his memoir, “Hillbilly Elegy.”) Around the time they met, Rubenfeld was unr vtigatn by Yale for sexual harassment—a charge that he ni and which led to a two-year spensn om the faculty. He heard out Ramaswamy’s somewhat sttered ias and suggted a tter study of palism, mocracy, and the changg culture of the Amerin workplace. Rubenfeld said of Ramaswamy, “He is one of the most skilled people I know terms of listeng to cricism and learng om .” Ramaswamy accepted the advice, began wrg trenchantly about his experienc the Ivy League and the rporate world, and eventually took his proposal to a publisher of nservative thors, Center Street.</p><p class="paywall">In May, 2020, as he was workg on the mancript, Gee Floyd was murred by a police officer Mneapolis, and ci across the untry epted wh protts. Corporate executiv began issug statements exprsg sympathy and support for racial jtice. (A photo circulated of Jamie Dimon, the C.E.O. of JPMan Chase, kneelg apparent solidary.) Ramaswamy, unsurprisgly, was annoyed. “The murr of Gee Floyd was tragic,” he wrote “Woke, Inc.,” “but was also tragic that thoands of people of all rac died of diseas every day that uld be better treated by a broken health-re system.” Employe at Roivant, too, wanted Ramaswamy to issue a statement of support for Black Liv Matter. Instead, he sent a pany-wi e-mail that acknowledged the “paful” week and the protts, and advised his staff to “stay safe.” This did not go over well. A lleague acced him of beg “tone-af,” and many of the young people Roivant had reced mand to know how the pany was addrsg systemic racism s subsidiari. He later wrote, “There was somethg cur to me about rporate Ameri’s fixatn on the BLM movement, even as other obv jtic ntued to abound. I was personally appalled by Cha’s persecutn of s Uighur populatn.” But, he went on, “none of my employe or directors exprsed ncern to me about the human rights vlatns.”</p></div></div></div><div class="GridItem-buujkM fVLMby grid--em grid-layout__asi"><div class="StickyBoxWrapper-jfYB jxBcTH sticky-box"><div class="StickyBoxPrimary-dzWDWL cdhYoN sticky-box__primary"></div><div class="StickyBoxPlaceholr-grPmrg dxAvXx"></div></div></div></div><div class="RowWrapper-UmqTg HEhan full-bleed-ad row-mid-ntent-ad"><div class="StickyMidContentAdWrapper-fSBzwl drzyIa ad-stickymidntent"><div class="AdWrapper-dQtivb fZrssQ ad ad--mid-ntent should-hold-space"><div class="ad__slot ad__slot--mid-ntent" data-no-id="2xp3w"></div></div></div></div><div class="GridWrapper-cAzTTK kHBDeH grid grid-margs grid-ems-2 ArticlePageChunksGrid-hfxa bjczjj grid-layout--adrail narrow wi-adrail"><div class="GridItem-buujkM stRKV grid--em grid-layout__ntent"><div class="BodyWrapper-kufPGa bDyAMU body body__ntaer article__body" data-journey-hook="client-ntent" data-ttid="BodyWrapper"><div class="body__ner-ntaer"><p class="paywall">In the aftermath of the January 6th attack on the Capol by supporters of Print Donald Tmp, Ramaswamy -thored a <em>Wall Street Journal</em> op-ed wh Rubenfeld. They lled the asslt on the Capol “disgraceful,” but sound more exercised that Twter, Facebook, and other tech pani had spend Tmp’s acunts on the ground that he had ced vlence. The op-ed ntend that the tech pani’ cisns about whom to ban were polilly motivated.</p><p class="paywall">Members of Roivant’s advisory board were followg Ramaswamy’s new reer as a cultural cric, and some were distrsed. In Berwick’s view, Tucker Carlson and Fox News were toyg wh Amerin mocracy. Moreover, Berwick thought, Ramaswamy’s regular public statements about how rporatns did not exist to liver social benefs ran unter to Roivant’s origal missn—to brg reasonably priced medic to people who need them.</p><p class="paywall">The day after the <em>Journal</em> piece appeared onle, Berwick rigned om Roivant’s advisory board. Daschle and Sebeli qu, too. Ramaswamy was startled by the partur, particularly Berwick’s, but he was unrepentant. A week and a half later, he went on Carlson’s show to ll on Print Joe Bin to prsure Twter to restate Tmp.</p><div data-attr-viewport-monor="le-recirc" class="le-recirc-wrapper le-recirc-observer-target-6 viewport-monor-anchor"></div><p class="paywall">“To me, he’s assumg a stat quo that do not exist,” Berwick said. “Democracy is so unr the gun right now. And the very forc that he’s talkg about, the moneyed forc, are part of the reason. His view is they should get out of the polil scene entirely, and my view is they’re —the money’s there.”</p><p class="has-dropp has-dropp__lead-standard-headg paywall">Jt a few weeks after January 6th, Ramaswamy announced that he would step down om the bs he’d found to foc full time on his wrg and polil terts. Roivant had revered om s Alzheimer’s-dg failure, and he told me he realized that he “uldn’t be a ee-speakg cizen whout hurtg the pany.” He was also mullg a n for the Senate seat Oh held by Rob Portman, who said that he would not seek reëlectn, large part bee of the polarizatn Washgton.</p><p class="paywall">The Republin Party was perennially need of ndidat of lor to diversify s ranks—pecially those wh stage prence and a good orig story. Ramaswamy was ved to a dner attend by Kev McCarthy, the Hoe Mory Lear, and took the opportuny to raise the subject of his polil future. He rells McCarthy sayg that he uld do more good as a thought lear for the Party than as a junr member of Congrs. Others he nsulted suggted that a life polics would be a source of misery and tratn.</p><p class="paywall">Ramaswamy was also stg about for another bs to start—maybe an anti-woke shoe pany to pete wh Nike, or an anti-woke beverage pany to take on Co-Cola. But ndns seemed more prop for an “anti-BlackRock”—somethg much bigger than the anti-E.S.G. pani that had already formed.</p><figure class="AssetEmbedWrapper-eVDQiB byBkf asset-embed"><div class="AssetEmbedAssetContaer-eJxoAx dBHGoQ asset-embed__asset-ntaer"><span class="SpanWrapper-umhxW kKwZhx rponsive-asset AssetEmbedRponsiveAsset-cXBNxi eCxVQK asset-embed__rponsive-asset"><div data-attr-viewport-monor="" class="RponsiveCartoonWrapper-iTMMjI eXTYsS rponsive-rtoon AssetEmbedRponsiveAsset-cXBNxi eCxVQK asset-embed__rponsive-asset viewport-monor-anchor"><a class="external-lk rponsive-rtoon__image-lk" data-event-click="{"element":"ExternalLk","outgogURL":"" href=" rel="nofollow noopener" target="_blank"><picture class="RponsiveImagePicture-cWuUZO dUOtEa RponsiveCartoonImage-hzNqyc ikeCcH rponsive-rtoon__image rponsive-image"><noscript><img alt="People havg a piic and lookg at an empty blanket nearby for their afterparty." class="RponsiveImageContaer-eybHBd fptoWY rponsive-image__image" src=" srcSet=" 120w, 240w, 320w, 640w, 960w, 1280w, 1600w" siz="100vw"/></noscript></picture></a><div class="CaptnWrapper-jSZdqE gdZTpI ptn RponsiveCartoonCaptn-dokfdF hJgaLQ rponsive-rtoon__ptn"><span class="BaseWrap-sc-gjQpdd BaseText-ewhhUZ CaptnText-bHjzlu iUEiRd hWyo bsWloa ptn__text">“That’s the lotn for the after-piic.”</span></div><div class="CaptnWrapper-jSZdqE iTuhkZ ptn RponsiveCartoonCred-bKlQqO faLAFb rponsive-rtoon__cred"><span class="BaseWrap-sc-gjQpdd BaseText-ewhhUZ CaptnCred-ejegDm iUEiRd iicloT bmQtfn ptn__cred">Cartoon by Drew Dernavich</span></div><div class="RponsiveCartoonCTA-eiqqMB iDCQRs"><div class="RponsiveCartoonCTAWrapper-CYIqa iTbFtf"><div class="RponsiveCartoonLkButtonWrapper-hqDAJK eSEhbj"><button aria-label="Copy lk to rtoon" class="BaseButton-bLlsy ButtonWrapper-xCepQ bqVKKv YsOBB button button--primary-pair RponsiveCartoonInButton-hBCBMq lpsjql" data-event-click="{"element":"Button"}" data-ttid="Button" type="button"><span class="ButtonLabel-cjAuJN bBWXSg button__label">Copy lk to rtoon</span><div class="ButtonInWrapper-gFdzAL bPDyTT button__in-ntaer"><svg class="in in-pylk" width="24" height="24" viewBox="0 0 24 24" fill="none" xmlns="><tle>Copy lk to rtoon</tle><g clip-path="url(#clip0_3732_178637)"><path fill-le="evenodd" clip-le="evenodd" d="M16.3488 10.5017C16.2107 10.7357 16.2926 11.035 16.5318 11.17C16.7709 11.3052 17.0767 11.225 17.2148 10.991L18.4648 8.87225C19.5694 7.00002 18.9139 4.60601 17.0007 3.52508C15.0875 2.44415 12.6412 3.08562 11.5366 4.95785L9.53657 8.34782C8.432 10.22 9.08751 12.6141 11.0007 13.6949C11.1888 13.8012 11.382 13.8908 11.5785 13.9642C11.7819 14.0403 12.0058 13.9485 12.1147 13.764C12.2794 13.4849 12.1103 13.1276 11.8083 12.9992C11.7041 12.9549 11.6014 12.9044 11.5007 12.8475C10.0658 12.0368 9.57417 10.2413 10.4026 8.83712L12.4026 5.44715C13.2311 4.04298 15.0658 3.56187 16.5007 4.37257C17.9356 5.18327 18.4272 6.97878 17.5988 8.38295L16.3488 10.5017ZM7.6526 13.4983C7.79067 13.2643 7.70873 12.965 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alert-arrow"></div><div class="BaseWrap-sc-gjQpdd BaseText-ewhhUZ AlertMsage-jgAjgo bVCFRm ifgabc cxFROy alert-msage"><p aria-hidn="te">Lk pied</p></div></div></div><button aria-label="Shop" class="BaseButton-bLlsy ButtonWrapper-xCepQ bqVKKv YsOBB button button--primary-pair RponsiveCartoonInButton-hBCBMq lpsjql" data-event-click="{"element":"Button"}" data-ttid="Button" type="button"><span class="ButtonLabel-cjAuJN bBWXSg button__label">Shop</span><div class="ButtonInWrapper-gFdzAL bPDyTT button__in-ntaer"><svg class="in in-rt" width="24" height="24" viewBox="0 0 24 24" fill="none" xmlns="><tle>Shop</tle><g clip-path="url(#clip0_3732_178638)"><path fill-le="evenodd" clip-le="evenodd" d="M4 3H2V4H4.23828L6.99617 15.2631C7.11483 15.6982 7.50998 16 7.96094 16H18.0365C18.4875 16 18.8826 15.6982 19.0013 15.2631L20.9648 7.26312C21.1383 6.62698 20.6594 6 20 6H10V7H20L18.0365 15H7.96094L5.03652 3H4.58055H4ZM10.0365 19C10.0365 19.5523 9.58881 20 9.03652 20C8.48424 20 8.03652 19.5523 8.03652 19C8.03652 18.4477 8.48424 18 9.03652 18C9.58881 18 10.0365 18.4477 10.0365 19ZM11.0365 19C11.0365 20.1046 10.1411 21 9.03652 21C7.93195 21 7.03652 20.1046 7.03652 19C7.03652 17.8954 7.93195 17 9.03652 17C10.1411 17 11.0365 17.8954 11.0365 19ZM18.0365 19C18.0365 19.5523 17.5888 20 17.0365 20C16.4842 20 16.0365 19.5523 16.0365 19C16.0365 18.4477 16.4842 18 17.0365 18C17.5888 18 18.0365 18.4477 18.0365 19ZM19.0365 19C19.0365 20.1046 18.1411 21 17.0365 21C15.932 21 15.0365 20.1046 15.0365 19C15.0365 17.8954 15.932 17 17.0365 17C18.1411 17 19.0365 17.8954 19.0365 19Z" fill="black"></path></g><fs><clipPath id="clip0_3732_178638"><rect width="24" height="24" fill="whe"></rect></clipPath><clipPath id="clip1_3732_178638"><rect width="24" height="24" fill="whe"></rect></clipPath></fs></svg></div></button></div></div></div></span></div></figure><p class="paywall">At the time, a wave of anti-E.S.G sentiment was takg hold at the lol level. Stat cludg Oklahoma, Kentucky, and Texas passed bills that allowed their officials to rtrict the activi of fancial stutns if they were termed to be limg their algs wh the fossil-fuel or firearm dtri. The lobbyg arm of the Herage Foundatn, which has received fundg om the billnaire Koch brothers and other alli of the fossil-fuel dtry, is an enthiastic supporter of such anti-E.S.G. enavors. (Ramaswamy has appeared equently at Herage functns.) Herage also has ti to the State Fancial Officers Foundatn, a group that clus nservative state treasurers and has promoted anti-E.S.G. efforts. Ramaswamy spoke to a gatherg of the group this past Febary. A few months later, he was llaboratg wh one of s risg stars, Riley Moore, the Wt Virgia state treasurer, on a <em>Wall Street Journal</em> op-ed. The piece cricized the disproportnate power of the “big three” asset managers over public pani.</p><p class="paywall">Moore told me that, after he took office January, 2021, he heard that al, gas, and oil pani wh operatns his state were stgglg bee some banks had ma more difficult for them to borrow money. (He cled to name any of the pani.) “I immediately started to dig and wonr about how we uld ph back,” Moore said. Wt Virgia was one of the untry’s largt energy producers, wh some seventy-two thoand workers the sector, and the dtry generated lns of dollars revenue for the state. Moore wrote to Goldman Sachs, JPMan, Wells Fargo, Man Stanley, BlackRock, and U.S. Bank, warng that they might lose state ntracts should they be found to be boyttg fossil fuels.</p><p class="paywall">“Everybody talks about climate change, and I get what they’re sayg—maybe the climate is changg,” Moore said. “But miss what’s measurably changg drastilly this untry, and that is the qutn of human flourishg. We see people’s life expectancy droppg, dg addictn, people generatnally dog worse than their grandparents or parents were dog. That is a huge problem, one that has to be addrsed more immediately than the qutn of the climate changg. Here Wt Virgia, that is a rich man’s problem.”</p><p class="paywall">Moore add that today some Wt Virgia al mers make nety thoand dollars a year. Meanwhile, small towns and lol bs have been “gutted” by Walmart. “If they take our al-mg jobs away certa parts of this state, the only jobs we have left are Walmarts,” he said. “And that’s not livg.”</p><p class="paywall">Some stat that pass anti-E.S.G. legislatn uld face a new set of enomic difficulti, acrdg to a recent study by Daniel Garrett, an assistant profsor of fance at Wharton, and Ivan Ivanov, a senr enomist wh the Feral Rerve Bank of Chigo. They found that Texas five banks psed or halted their unrwrg of municipal bonds after anti-E.S.G. laws were adopted September, 2021. The experts’ timate suggts that a loss of petn the market st Texas municipali an addnal three to five hundred ln dollars tert on bonds the first eight months.</p><p class="has-dropp has-dropp__lead-standard-headg paywall">Earlier this month, the anti-E.S.G. movement gaed ground unexpected terrory. Vanguard whdrew om a large climate-fance alliance, the Net Zero Asset Managers Iniative, which aims to enurage fund pani to reach -zero rbon targets by 2050. The pany, which had been unr prsure om Republin policians, stated that would track s own climate progrs stead. Crics immediately acced the pany of givg to the anti-woke movement. Ramaswamy filed the news away as another victory.</p><p class="paywall">He was also gratified, this fall, by the rponse to a public letter he’d sent the C.E.O. of Chevron, urgg him to reject lls by BlackRock and other stutnal shareholrs to rce rbon emissns and to crease vtments renewable energy. When I met Ramaswamy for dner one night Manhattan at his favore Mexin rtrant, he told me he’d be meetg later that eveng wh Chevron’s C.F.O. Ramaswamy seemed exhilarated by the thought that he, like Larry Fk, uld start tellg bs lears what to do.</p><div data-attr-viewport-monor="le-recirc" class="le-recirc-wrapper le-recirc-observer-target-7 viewport-monor-anchor"></div><p class="paywall">He’d been on a round of speakg engagements and was the cy wh his body man to promote, among other thgs, a new book wh a self-explanatory tle: “Natn of Victims: Inty Polics, the Death of Mer, and the Path Back to Excellence.” As he tore to a plate of quadillas wh hulache, I asked Ramaswamy if his burgeong reputatn as a nservative firebrand had taken a personal toll. He chose his words refully. A fay member no longer spoke to him, and he’d been ghosted by a close iend. Although he’d fed new relatnships wh nservativ, none of the nnectns had turned to iendships. “I feel like the public advocy, or whatever you ll what I’ve been dog the last uple of years, has erod more iendships than new iendships ma up for ,” he said.</p><p class="paywall">Although Ramaswamy lights the visibily that his Fox News appearanc brg, he wonrs about the opportuni foreclosed. “I feel like I reil when I see someone scribe me as a nservative,” Ramaswamy said. “Not that there’s anythg wrong wh beg a nservative. It’s jt not how I would scribe myself.”</p><p class="paywall">Fear of the label did not stop Ramaswamy om travellg to Washgton, D.C., a few weeks later to receive the Gentleman of Distctn Award at the annual gala of a right-leang anizatn lled the Inpennt Women’s Fom. The unofficial theme of the event, which took place the great hall of a mm, seemed to be outrage about transgenr athlet women’s sports. Still, the mood the room was exuberant. The midterms were imment, and Republins were anticipatg big gas.</p></div></div></div><div class="GridItem-buujkM fVLMby grid--em grid-layout__asi"><div class="StickyBoxWrapper-jfYB jxBcTH sticky-box"><div class="StickyBoxPrimary-dzWDWL cdhYoN sticky-box__primary"><div class="AdWrapper-dQtivb fZrssQ ad ad--rail"><div class="ad__slot ad__slot--rail" data-no-id="br65fk"></div></div><div class="ConsumerMarketgUnThemedWrapper-iUTMTf jssHut nsumer-marketg-un nsumer-marketg-un--display-rail" role="prentatn" aria-hidn="te"><div class="nsumer-marketg-un__slot nsumer-marketg-un__slot--display-rail"></div><div class="journey-un"></div></div></div><div class="StickyBoxPlaceholr-grPmrg dxAvXx"></div></div></div></div><div class="RowWrapper-UmqTg HEhan full-bleed-ad row-mid-ntent-ad"><div class="StickyMidContentAdWrapper-fSBzwl drzyIa ad-stickymidntent"><div class="AdWrapper-dQtivb fZrssQ ad ad--mid-ntent should-hold-space"><div class="ad__slot ad__slot--mid-ntent" data-no-id="t3xu7g"></div></div></div></div><div class="GridWrapper-cAzTTK kHBDeH grid grid-margs grid-ems-2 ArticlePageChunksGrid-hfxa bjczjj grid-layout--adrail narrow wi-adrail"><div class="GridItem-buujkM stRKV grid--em grid-layout__ntent"><div class="BodyWrapper-kufPGa bDyAMU body body__ntaer article__body" data-journey-hook="client-ntent" data-ttid="BodyWrapper"><div class="body__ner-ntaer"><p class="paywall">Ramaswamy had flown om an vtment nference Las Vegas, where he had been terviewed alongsi Mike Pompeo, the former Secretary of State, at an event entled “ESG for Thee, Cha for Me.” Somewhere along the way, he had upgrad his footwear to black brogu, and when he took the stage he livered a speech ls folksy than the one he’d tried out months earlier, Dubl. He shared his child-of-immigrants story; quoted Abraham Lln and Mart Luther Kg, Jr.; slammed E.S.G. and tech censorship; and then got to the self-mythologizg portn of the narrative—that he had stepped down om his pany, where he’d been workg to velop a ncer dg, to fight a new kd of ncer afflictg our culture.</p><p class="paywall">“That is this new secular relign Ameri that says that your inty is based on your race, your genr, and your sexual orientatn, full stop,” he said. “That Ameri is a systemilly racist natn. That if you’re Black you’re herently disadvantaged. That if you’re whe you’re herently privileged.”</p><p class="paywall">The followg month, the Republins’ disappotg performance the midterms led to fur traparty bate over whether to rema loyal to Tmp or to move on. But a pot of nsens seemed to be that the qualy of the Party’s ndidat mattered. After people started suggtg that Ramaswamy n for Print, he found hard to shake off the ia. Maybe he <em>was</em> the right person to unify the untry around shared valu—valu that, at the D.C. gala, he unrled a poundg ncln.</p><p class="paywall">“The ia that no matter who you are, or where you me om, or what your sk lor is, that you n achieve anythg you ever want this untry, wh your own hard work, your own mment, and your own ditn—that,” he said, his voice soarg, “is the Amerin Dream.”</p><p class="paywall">Moments later, he was engulfed by admirers. Frank Coleman, of the Cigar Associatn of Ameri, who claimed that the F.D.A. was “tryg to kill the dtry” by threateng to ban flavored cigars, had never heard of Ramaswamy before, but said, “It was a tremendo speech.” Tulsi Gabbard, the former ngrswoman and 2020 Printial ndidate who’d recently announced that she was leavg the Democratic Party, lled Ramaswamy urageo. Mark Meadows, Tmp’s former chief of staff, ed the same word. An hour later, Ramaswamy was still fieldg well-wishers when he realized that he need to get to the airport. It was wheels-up soon, and he had plac to go. ♦</p></div></div></div><div class="GridItem-buujkM fVLMby grid--em grid-layout__asi"><div class="StickyBoxWrapper-jfYB jxBcTH sticky-box"><div class="StickyBoxPrimary-dzWDWL cdhYoN sticky-box__primary"><div class="AdWrapper-dQtivb fZrssQ ad ad--rail"><div class="ad__slot ad__slot--rail" data-no-id="j7emr"></div></div><div class="ConsumerMarketgUnThemedWrapper-iUTMTf jssHut nsumer-marketg-un nsumer-marketg-un--display-rail" role="prentatn" aria-hidn="te"><div class="nsumer-marketg-un__slot nsumer-marketg-un__slot--display-rail"></div><div class="journey-un"></div></div></div><div class="StickyBoxPlaceholr-grPmrg dxAvXx"></div></div></div></div></div><div class="GridWrapper-cAzTTK kHBDeH grid grid-margs grid-ems-2 PaywallInleBarrierWhWrapperGrid-fyrGfS kLQIUk grid-layout--adrail narrow wi-adrail"><div class="GridItem-buujkM stRKV grid--em grid-layout__ntent"><div class="body body__le-barrier article__body"><div class="ntaer ntaer--body"><div 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class="SummaryItemHedLk-civM cZPaWG summary-em-trackg__hed-lk summary-em__hed-lk" data-ponent-type="recirc-river" data-recirc-id="em-hed-2" data-recirc-pattern="summary-em" href=" target="_self"><div class="SummaryItemHedBase-hiFYpQ iIjKeM summary-em__hed" data-ttid="SummaryItemHed">Daily Cartoon: Tuday, July 18th</div></a><div class="SummaryItemAssetContaer-gwhFFH VOyg summary-em__asset-ntaer"><a class="SummaryItemImageLk-dshqxb USLvL summary-em__image-lk summary-em-trackg__image-lk" href=" aria-hidn="te" tabx="-1" data-ponent-type="recirc-river" data-recirc-id="em-image-2" data-recirc-pattern="summary-em" target="_self"><span class="SpanWrapper-umhxW kGxnNB rponsive-asset SummaryItemRponsiveAsset-hjGIGg egpoQR summary-em__image"><div data-tt="aspect-rat-ntaer" class="AspectRatContaer-bJHpJz jMoLpX"><div class="aspect-rat--overlay-ntaer"><picture class="RponsiveImagePicture-cWuUZO dUOtEa SummaryItemRponsiveAsset-hjGIGg egpoQR summary-em__image rponsive-image"><noscript><source media="(max-width: 767px)" srcSet=" 120w, 240w, 320w, 640w" siz="100vw"/><source media="(m-width: 768px)" srcSet=" 120w, 240w, 320w" siz="100vw"/><img alt="Daily Cartoon: Tuday, July 18th" class="RponsiveImageContaer-eybHBd fptoWY rponsive-image__image" src="></noscript></picture></div></div></span></a></div><div class="BaseWrap-sc-gjQpdd BaseText-ewhhUZ SummaryItemDek-CRfsi iUEiRd jxOIpm cPtisA summary-em__k">“There’s no spell that’s any match for this humidy.”</div><div class="SummaryItemByleWrapper-boCfbi cuRXdL summary-em__byle-date-in"><div class="SummaryItemBaseByle-fFbXkY cgDBtc summary-em__byle"><div class="summary-em__byle__ntent"><div data-ttid="BylWrapper" class="BylWrapper-KIudk irTIfE byl"><p class="ByleWrapper-jWHrLH dSEWiO byle byl__byle" data-ttid="ByleWrapper" emProp="thor" emType="><span emProp="name" class="ByleNamWrapper-jbHncj fuDQVo"><span data-ttid="ByleName" class="ByleName-kwmrLn cYaBaU byle__name"><span class="BaseWrap-sc-gjQpdd BaseText-ewhhUZ BylePreamble-iJolpQ iUEiRd jslZfG gnILss byle__preamble">By </span>Drew Panckeri</span></span></p></div></div></div></div></div></div><div class="SummaryItemWrapper-iwvBff ewgXAt summary-em summary-em--ARTICLE summary-em--no-in summary-em--text-align-left summary-em--layout-placement-text-below-sktop-only summary-em--layout-posn-image-right summary-em--layout-proportns-33-66 summary-em--si-by-si-align-center summary-em--si-by-si-image-right-mobile-false summary-em--standard SummaryCollectnGridSummaryItem-WColm kdEfwY" role="button" tabx="0"><div class="SummaryItemAssetContaer-gwhFFH VOyg summary-em__asset-ntaer"><a class="SummaryItemImageLk-dshqxb USLvL summary-em__image-lk summary-em-trackg__image-lk" href=" aria-hidn="te" tabx="-1" data-ponent-type="recirc-river" data-recirc-id="em-image-3" data-recirc-pattern="summary-em" target="_self"><span class="SpanWrapper-umhxW kGxnNB rponsive-asset SummaryItemRponsiveAsset-hjGIGg egpoQR summary-em__image"><div data-tt="aspect-rat-ntaer" class="AspectRatContaer-bJHpJz jMoLpX"><div class="aspect-rat--overlay-ntaer"><picture class="RponsiveImagePicture-cWuUZO dUOtEa SummaryItemRponsiveAsset-hjGIGg egpoQR summary-em__image rponsive-image"><noscript><source media="(max-width: 767px)" srcSet=" 120w, 240w, 320w, 640w" siz="100vw"/><source media="(m-width: 768px)" srcSet=" 120w, 240w, 320w" siz="100vw"/><img alt="A Tenr and Knowg Portra of Rural Life Wisns" class="RponsiveImageContaer-eybHBd fptoWY rponsive-image__image" src="></noscript></picture></div></div></span></a></div><div class="SummaryItemContent-eiDYMl bcywvc summary-em__ntent"><div class="RubricWrapper-dKmCNX kImuKS bric bric--disvery SummaryItemRubric-dguGKN fYiFyD summary-em__bric"><span class="RubricName-fVtemz cLxcNi">Photo Booth</span></div><a class="SummaryItemHedLk-civM cZPaWG summary-em-trackg__hed-lk summary-em__hed-lk" data-ponent-type="recirc-river" data-recirc-id="em-hed-3" data-recirc-pattern="summary-em" href=" target="_self"><div class="SummaryItemHedBase-hiFYpQ iIjKeM summary-em__hed" data-ttid="SummaryItemHed">A Tenr and Knowg Portra of Rural Life Wisns</div></a><div class="SummaryItemAssetContaer-gwhFFH VOyg summary-em__asset-ntaer"><a class="SummaryItemImageLk-dshqxb USLvL summary-em__image-lk summary-em-trackg__image-lk" href=" aria-hidn="te" tabx="-1" data-ponent-type="recirc-river" data-recirc-id="em-image-3" data-recirc-pattern="summary-em" target="_self"><span class="SpanWrapper-umhxW kGxnNB rponsive-asset SummaryItemRponsiveAsset-hjGIGg egpoQR summary-em__image"><div data-tt="aspect-rat-ntaer" class="AspectRatContaer-bJHpJz jMoLpX"><div class="aspect-rat--overlay-ntaer"><picture class="RponsiveImagePicture-cWuUZO dUOtEa SummaryItemRponsiveAsset-hjGIGg egpoQR summary-em__image rponsive-image"><noscript><source media="(max-width: 767px)" srcSet=" 120w, 240w, 320w, 640w" siz="100vw"/><source media="(m-width: 768px)" srcSet=" 120w, 240w, 320w" siz="100vw"/><img alt="A Tenr and Knowg Portra of Rural Life Wisns" class="RponsiveImageContaer-eybHBd fptoWY rponsive-image__image" src="></noscript></picture></div></div></span></a></div><div class="BaseWrap-sc-gjQpdd BaseText-ewhhUZ SummaryItemDek-CRfsi iUEiRd jxOIpm cPtisA summary-em__k">Ern Sprger’s “Dormant Season” pays tribute to a patch of prairie that her fay has lled home for generatns.</div><div class="SummaryItemByleWrapper-boCfbi cuRXdL summary-em__byle-date-in"><div class="SummaryItemBaseByle-fFbXkY cgDBtc summary-em__byle"><div class="summary-em__byle__ntent"><div data-ttid="BylWrapper" class="BylWrapper-KIudk irTIfE byl"><p class="ByleWrapper-jWHrLH dSEWiO byle byl__byle" data-ttid="ByleWrapper" emProp="thor" emType="><span emProp="name" class="ByleNamWrapper-jbHncj fuDQVo"><span data-ttid="ByleName" class="ByleName-kwmrLn cYaBaU byle__name"><span class="BaseWrap-sc-gjQpdd BaseText-ewhhUZ BylePreamble-iJolpQ iUEiRd jslZfG gnILss byle__preamble">By </span>Casey Cep</span></span></p></div></div></div></div></div></div><div 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Tle</div></a><div class="SummaryItemAssetContaer-gwhFFH VOyg summary-em__asset-ntaer"><a class="SummaryItemImageLk-dshqxb USLvL summary-em__image-lk summary-em-trackg__image-lk" href=" aria-hidn="te" tabx="-1" data-ponent-type="recirc-river" data-recirc-id="em-image-4" data-recirc-pattern="summary-em" target="_self"><span class="SpanWrapper-umhxW kGxnNB rponsive-asset SummaryItemRponsiveAsset-hjGIGg egpoQR summary-em__image"><div data-tt="aspect-rat-ntaer" class="AspectRatContaer-bJHpJz jMoLpX"><div class="aspect-rat--overlay-ntaer"><picture class="RponsiveImagePicture-cWuUZO dUOtEa SummaryItemRponsiveAsset-hjGIGg egpoQR summary-em__image rponsive-image"><noscript><source media="(max-width: 767px)" srcSet=" 120w, 240w, 320w, 640w" siz="100vw"/><source media="(m-width: 768px)" srcSet=" 120w, 240w, 320w" siz="100vw"/><img alt="Sam Kerr and the Dream of an Atralian World Cup Tle" class="RponsiveImageContaer-eybHBd fptoWY rponsive-image__image" 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