Separating Positive Impact from Warm Glow: Implications for Fund Managers, Educators, Financial Advisers, Rating Agencies, and Investors
指出可持续投资中正面影响与温暖光芒常被混淆，驳斥了通过排除或纳入特定公司股票既能创造正面影响又能获得温暖光芒的错误说法，并阐述了各市场参与者应如何区分二者。
The ecosystem we now call sustainability investing has always had positive impact and warm glow as its components. Yet in recent decades a false claim has emerged whereby investors can create much positive impact while enjoying warm glow by excluding from their portfolio companies violating their values or including companies supporting their values. Some even claim that investors can earn higher than market returns. I argue that it is time to stand against these false claims and separate once again positive impact from warm glow. I describe what separation and regrouping would require of the ecosystem of fund managers, educators, financial advisers, rating agencies, and investors.