Beware: taking a stand can be expensive

The hedge fund’s branding is a clue. 1789 Capital was set up last year and named after the year Congress proposed America’s bill of rights. It offers investors the chance to put money into what it says are three key themes: a parallel conservative economy catering to consumers who want to avoid being bombarded with liberal ideas; the shift away from free trade; and firms that have been penalised by the environment, social and governance (esg) investment trend. Its founder, Omeed Malik, a former banker, has hosted fundraisers for Robert Kennedy junior, an anti-vaccination, long-shot presidential candidate.