Letter No. 4 · October 2026
What Is an Expected Return?
Because a few extraordinary winners pull the average up, an investment's expected return is often well above what the typical outcome earns.
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Letters on our investment research and philosophy.
Letter No. 3 · October 2026
How does a moral screen affect your portfolio?
This week we measure the portfolio impact of screening, using a published Catholic index and Bloomberg's portfolio optimizer.
Read the letterLetter No. 2 · October 2026
Diversification made us owners of nearly everything.
Moral investing grew up alongside the diversified portfolio, because the question of what you are supporting becomes pressing as soon as you own more companies than you could ever study.
Read the letterLetter No. 1 · September 2026
A principled portfolio should be judged by the same standards as any other.
We believe investors deserve evidence-based investment solutions that integrate the moral dimension of ownership.
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