[1] A tricky question in investing is how much of a role ethics should play in your stock selections.

    [2] Should you invest in companies that manufacture weapons? What about nuclear power? Alcohol? Gambling? Tobacco? Those are the "Big Five" in terms of ethical decisions. They tend to provoke the strongest emotions, and come up most often in discussions of ethical investing.

    [3] But the list could go on and on. Should you invest in companies that have been fined for polluting the environment? Companies that have been sued for racial discrimination? Companies that don't have women in key positions? Companies that do animal testing? Companies that sponsor sexually explicit TV shows or art exhibitions?

    [4] The world being what it is, too fine an ethical filter could quickly screen out almost every large company and many small ones.

    [5] I tend to be tolerant of most vices in life, and also in investing. I am currently seeking out defense stocks. I'm eyeing at least one nuclear-power stock, and am favorably disposed toward gambling stocks. There's no liquor stock I want to own, but if the numbers looked attractive, I'd buy one.

    [1]投資時(shí)需要慎重對待的一個(gè)問題，就是道德規(guī)范在你選擇股票時(shí)應(yīng)該占多大份量。

    我們是否應(yīng)投資于生產(chǎn)武器的公司？或者投資于核動力、酒類、賭博、煙草類公司？這是有道德爭議的“五大”領(lǐng)域，容易激起人們最強(qiáng)烈的愛憎之情，也最常引發(fā)道德性投資的討論。

    不過這個(gè)名單可以一直列下去。你是否應(yīng)該投資于那些因污染環(huán)境而受罰的公司？那些被指控種族歧視的公司？那些不讓婦女擔(dān)任要職的公司？那些用動物進(jìn)行試驗(yàn)的公司？那些為直接渲染色情的電視節(jié)目出資和舉辦類似藝術(shù)展覽的公司？

    現(xiàn)實(shí)世界就是這樣，如果用太細(xì)的道德過濾器去篩選，那么幾乎每一個(gè)大公司和許多小公司很快都得從投資的名單中篩出去。

    我傾向于容忍生活中的大部分不道德行為，在投資方面也是如此。我現(xiàn)在正在挑選一些國防類的股票。我至少中意于一種核動力的股票，還看好博彩類的股票。我不想買酒類股，但如果價(jià)位有吸引力的話，我還是會買一種的。