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Move over 'FAANG,' the next decade of investing will be defined by 'ESG,' says Morgan Stanley

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If FAANG dominated the market during the 2010s, Morgan Stanley believes ESG will be the defining acronym over the next decade.

The firm said Wednesday that the acronym, short for environmental, social and corporate governance, is "likely to dominate financial markets during the 2020s" due to societal trends driving change across consumer, corporate and investor behavior. Far from just a marker of "good" or "bad," Morgan Stanley said ESG-focused metrics are essential to understanding a company's growth potential as well as possible risks, among other things.

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