There seems to be a bull market in piety. Assets in portfolios that focus on sustainable investing — the new term for what used to be called socially responsible investing — have risen to $ 22.9 trillion globally from $ 3.8 trillion in 2006, according to investment researcher Morningstar.

That’s a 500% increase during a turbulent and occasionally extremely unpleasant time to invest. Could returns, or a commitment to ethical investing, or both, have been strong enough to account for that much growth? Certainly for some of it, but maybe not f…
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