Happy Sunday, I’m Bill Cohan.

Welcome back to Dry Powder, my biweekly private email about the most pressing questions on Wall Street—among them, how Warren Buffett beat the E.S.G. steamroller, what investors misunderstand about the Fed, why Lina Khan lowered the boom on Meta, and this summer’s latest economic mystery.

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Buffett, of course, doesn’t have such concerns. Yes, he theoretically reports to a board of directors at Berkshire Hathaway but as by far the company’s largest shareholder (and surrounded by either family, friends or fans), there isn’t going to be a whole lot of pushback on what Warren decides to buy or sell. If he wants to buy Chevron and Occidental Petroleum, as he has for the last few months, in bulk, no one on his board or at his minimalist office in Omaha is going to question him. He might have a debate or two with Charlie Munger, but other than that, he’s free to roam around the country. Other money managers don’t have such freedom, or think they don’t. They probably think they have to be much more responsive to the E.S.G. police or find themselves in the political crosshairs. That means no fossil-fuel investing even though many of those stocks are printing money and are trading at single digit price-to-earnings ratios...