Research

Investment analysis and observations

A Subtle Rebuttal to an Energy ‘Realist’

Featured

Analysis

Climate Change

Larry Siegel recently put forward the argument that radically reducing carbon emissions is incompatible with civilization on a planet of eight billion people.

What We Own Right Now and Why

Holdings Analysis

Transparency

Portfolio Strategy

A transparent look at our current holdings across Infrastructure, Innovation, Lending, and Real Estate, with detailed investment rationales for each position.

What I’d Tell Your Chief Investment Officer about Divestment

Featured

Analysis

This outcry was long overdue.

Where Returns Came from in 2023

Performance & Positioning

Where are the returns coming from?

What Antique Dolls Taught Me About Valuation

Investor Education

Gabe’s collection of cursed antiques shows how one person’s nightmare fuel is another’s valuation school.

3 Practical Questions for Corporate Stewards About Decarbonization

I feel for the many corporate directors and executives that are trying to chart a credible path towards net zero.

Why ESG Investing Has Been Such a Letdown

Analysis

Investor Education

ESG Investing has garnered disappointment, criticism, and even congressional investigations. What’s behind all the dissatisfaction?

The Climate Conundrum

Published October 27, 2023 | 2 minute read

They Grow Up So Fast

Published August 30, 2023 | 4 minute read

Seek Perfection Elsewhere

In conversation with many of you over the past few weeks, I’ve found myself repeating the phrase “it’s unrealistic to commit to ethical perfection.”

Do You Need Diversification?

Featured

Investor Education

Diversification is a great way to control risk, but it’s not the only way.

How We Measure Investment Performance

Investment Strategy

Investment Philosophy

Personal Insights

We’re updating our performance measurement process to strike a better balance between complexity, accuracy, and timeliness.

Stock Market Performance: What Should You Expect When You’re Investing?

Featured

Investor Education

The stock market is… complicated.

12 Resources to Help You Create Your Charitable Giving Plan

Many of our clients have significant charitable goals. Ethical Capital is a very heart-forward, mission-driven organization, so it makes a lot of sense that the people in…

What Would a Recession Actually Mean for Long-Term Investors?

Published April 15, 2023 | 3 minute read

Why We Need A New Food System Now

Analysis

Today’s supply chain snafus might be setting the stage for a broader, more complex catastrophe in the global food system. The availability of potash, phosphate, and fossil…

How I Became an Active Manager

Commentary

Active Management

Process

Here’s how I realized that index funds just won’t work for ethics-first investors.

Don’t Stop With Divestment

Fossil fuel divestment is all the rage these days, with bellwethers like the Harvard University endowment joining a decades-long movement to banish hydrocarbons from their…

Why We Own Farmer Mac

Analysis

Farmer Mac (NYSE: AGM) is our single largest position, representing 9.4% of our flagship strategy as of our January 2022 rebalance. It is a mission-driven lender chartered…

5 Investment Lessons from the Compost Pile

Philosophy

Composting feels like magic.