Investment Options for the Unwoke
Our funds choose firms that don’t let politics distract from their mission of serving shareholders. Milton Friedman argued that a corporate executive’s responsibility is to maximize profits while conforming to the basic rules of society, as embodied in law and “ethical custom.” American corporations donated $21 billion to charity in 2019, but the growing “stakeholder capitalism” movement is using the ethical-custom concept to impose a progressive agenda on American businesses. It will have negative implications for investor returns.
