US CEO rants against H-1B, urges businesses to ‘stop importing Indians’

‘Americans first’ investment strategy

Fishback said his firm Azoria has stopped investing in companies that rely on H-1B labour.
“Companies that fire American workers and hire H-1Bs must be deprived of capital,” he wrote.
He added that Azoria was delisted from the stock exchange after he informed trustees of the firm’s new investment policy. “We aren’t going anywhere,” he said.

Fishback described Azoria as the only “pro-worker investment firm” in America, rejecting Wall Street’s logic that replacing American workers with cheaper foreign labor boosts profits.
“You can’t maximize long-term returns by weakening the foundation that creates them: American labor,” he said.

‘H-1B workers are immobile, unaligned, and unverified'

Fishback argued that American workers offer greater mobility, allegiance, and merit than H-1B visa holders. He said American workers can move between industries and geographies, helping reallocate talent to where it’s most productive.

“H-1B workers don’t have that freedom. Their legal status is tied to a single employer. That dependence keeps them stuck in place. It suppresses wages, discourages innovation, and prevents labor from reallocating where it would be most productive,” he said.

He also claimed that foreign workers lack economic alignment with the US. “Their consumption, financial commitments, and sense of loyalty remain abroad—as reflected in billions of dollars in annual remittances sent out of the U.S. economy,” he said.

On merit, Fishback said the H-1B system allows companies to bypass American applicants entirely and relies on unverifiable credentials.

“Fraud and exaggeration are common, and verification is often impossible due to distance, language barriers, and the complicity of the firms supplying the labor,” he said. “The result isn’t a search for the most qualified worker—it’s a search for the cheapest one.”

‘No sympathy for Indians and Chinese’

Fishback acknowledged that foreign workers are often exploited, but said he had little sympathy.
“The Indians and Chinese think they are better off, but they too end up getting exploited. Otherwise, I have no sympathy for them, because they are treating us like slaves in our own country,” he said.

Fishback’s comments reflect growing tensions around immigration and labour policy in the US, especially in sectors heavily reliant on foreign talent. His stance has drawn both support and criticism, with some praising his pro-American labour message and others accusing him of xenophobia.

Azoria is now preparing to launch an ETF that excludes companies heavily dependent on foreign labor and invests only in firms that prioritise American workers. “Investing in Americans is good for business and America,” Fishback said.