Is the field of sustainable, impact, and values-aligned investing losing the forest for the trees? Are we losing the point that the whole field, in the final analysis, is simply about investing? And, in particular, might we be losing touch with the most basic, foundational notion of what I’d call “First Principles Investing”.   Many people use the misleading term of “ESG Investing” to refer to the consideration of environmental, social, and governance (ESG) factors in their research. But there is actually no such thing as “ESG Investing.” It is not an asset class, a strategy, or a style. Rather, using “ESG analysis” is simply a robust investment research discipline that should be deployed systematically in properly analyzing the risk adjusted returns on any investment. But, in the latest round of attacks on ESG as being political, ideological, and divisive, it seems as though we’re all getting lost in the trees and the leaves…and in the noise.