This also struck me as odd but for slightly different reasons. Namely, I don't think the statement takes into account possitive externalities that may arise fro

This also struck me as odd but for slightly different reasons. Namely, I don't think the statement takes into account possitive externalities that may arise from 'ethical' investing. Perhaps this lost money is just reallocated with a much longer payback? Consider investing in renewable energy, perhaps they are not as efficient as fossil fuel power generation methods, but renewables have other positive externalities (lower pollution (arguably)) that may pay back this 'lost money' in the future by way of increased life expectancy, or just creating a greener, healthier, more pleasant world. The same could be true of other ethical initiatives, including hiring from minority groups. Perhaps the fortunes of poor neighborhoods could be increased if a company set about hiring its staff from such a neighborhood as one of it's business policies. A generation down the line that neighborhood could be producing the next entrepreneurs. Point being, money doesn't account for everything...yet.