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    <title>Tom Kostigen's Impact investor blog</title>
    <description><![CDATA[<img src="images/stories/blogs/TomKostigen.silo.jpg" border="0" alt="Thomas Kostigen" title="Thomas Kostigen" hspace="10" height="80" align="left" />Thomas Kostigen is a New York Times bestselling author. He is editor at large for Private Wealth and Financial Advisor magazines and writes the global "Impact Investor" column for Dow Jones MarketWatch and The Wall Street Journal Digital Network. His latest book is <a href="http://goldendawnthriller.com" target="_blank" title="goldendawnthriller.com">Golden Dawn</a>.
<hr width="100%" size="2" />]]></description>
    <link>http://www.fa-mag.com/fa-blogs/tom-kostigen-blog</link>
    <copyright>Copyright 2013 Financial Advisor Magazine</copyright>
    <language>en-us</language>
    <lastBuildDate>Tue, 21 May 2013 16:24:43 -0400</lastBuildDate>
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      <title>Niall Ferguson Still Doesn't Get It</title>
      <description><![CDATA[]]></description>
      <link>http://www.fa-mag.com/news/niall-ferguson-still-doesn-t-get-it-14224.html</link>
      <pubDate>2013-05-08 12:30:00</pubDate>
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      <title>Harvard Professor Trashes Keynes For Homosexuality</title>
      <description><![CDATA[Harvard Professor and author Niall Ferguson says John Maynard Keynes' economic philosophy was flawed and he didn't care about future generations because he was gay and didn't have children.
	
	Speaking at the Tenth Annual Altegris Conference in Carlsbad, Calif., in front of a group of more than 500 investors, Ferguson responded to a question about Keynes' famous philosophy of self-interest versus the economic philosophy of Edmund Burke, who believed there was a social contract among the living, as well as the dead. Ferguson asked the audience how many children Keynes had.]]></description>
      <link>http://www.fa-mag.com/news/harvard-professor-gay-bashes-keynes-14173.html</link>
      <pubDate>2013-05-03 08:30:00</pubDate>
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      <title>Impact The Sequestration</title>
      <description><![CDATA[Impact investment programs funded by private investors can relieve our government's current budget woes.]]></description>
      <link>http://www.fa-mag.com/news/impact-the-sequestration-14066.html</link>
      <pubDate>2013-04-25 11:30:00</pubDate>
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      <title>Mileage-based Insurance</title>
      <description><![CDATA[It isn't strictly speaking an impact investment (yet), but mileage-based insurance and the companies that offer it are on to something.

	This is what I am talking about: insurance that is based on the amount of mileage someone drives rather than more general assumptions. The insurance program is also known as pay-as-you-drive, distance-based, usage-based, and per-mile-based.]]></description>
      <link>http://www.fa-mag.com/news/mileage-based-insurance-13830.html</link>
      <pubDate>2013-04-03 10:30:00</pubDate>
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      <title>Impact Networks For Success</title>
      <description><![CDATA[This month saw the inaugural Impact Investing Summit in Huntington Beach, Calif., hosted by IMN. The institutional investment conference drew lots of faces familiar to me, and was hailed for bringing some great people together.

	In April, Pymwymic Impact days will be held in Amsterdam, featuring many social enterprises and funds with whom I am familiar.

	Asia iix, the Asian Impact Investing Forum, will be hosted in Singapore this June.]]></description>
      <link>http://www.fa-mag.com/news/impact-networks-for-success-13689.html</link>
      <pubDate>2013-03-20 13:00:00</pubDate>
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      <title>CFA Institute Touts Impact Investing</title>
      <description><![CDATA[In one of the best primers I've read on impact investing for the financial industry, Michael McMillan, director of Ethics and Professional Standards at the CFA Institute, lays out the rationale and opportunity for the burgeoning field.

	McMillan believes impact will go beyond the scope of a mere asset class or investment strategy -- as JP Morgan and the Rockefeller Foundation have chosen to define it.Â  He says impact investing will become an investment philosophy.

	"Who wouldnâ��t want help the world and make money at the same time? After all, as Amy Domini says in her book,Socially Responsible Investing, 'The way we invest creates the world we live in,'â�� McMillan writes. His post can be found here: Impact Investing: Turning a Profit and Changing the World

	McMillan states perfectly what impact investing is and why it matters: "The fundamental assumption underlying impact investing is that the creation of economic value and social value are not mutually exclusive.]]></description>
      <link>http://www.fa-mag.com/news/cfa-institute-touts-impact-investing-13559.html</link>
      <pubDate>2013-03-06 12:30:00</pubDate>
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      <title>Food Crisis To Continue</title>
      <description><![CDATA[If you are invested in commodities or have positions in Big Ag then listen up -- or listen to, as I do, the Global Development and Environment Institute at Tufts University. (I used an abundance of their material in my book, The Big Handout, about the corrupt subsidy system that ensnares politicians, lobbyists, farmers, and ultimately our food bills.)

	The GDAE engages in fine work that showcases the link -- dare I say impact -- between investments, policies, and food (among other things).]]></description>
      <link>http://www.fa-mag.com/news/food-crisis-to-continue-13392.html</link>
      <pubDate>2013-02-19 17:30:00</pubDate>
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      <title>Hot Programs At B-Schools</title>
      <description><![CDATA[Some of the biggest proponents of impact investing are students.
	
	At campuses across the globe students delve into environmental, social and corporate governance issues. They form meetup groups.]]></description>
      <link>http://www.fa-mag.com/news/hot-programs-at-b-schools-13299.html</link>
      <pubDate>2013-02-05 12:00:00</pubDate>
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      <title>Impact Investing Goes Local</title>
      <description><![CDATA[]]></description>
      <link>http://www.fa-mag.com/news/impact-investing-goes-local-13214.html</link>
      <pubDate>2013-01-29 10:30:00</pubDate>
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      <title>Chevron: A Fool's Investment?</title>
      <description><![CDATA[While many impact investors are looking for what to invest in next, Social Funds (www.socialfunds.com), the largest personal finance site devoted to socially responsible investing, says it maybe foolish to invest in Chevron.
	
	The energy giant was slapped with an $18 billion judgment in Ecuador (upheld last year) for causing environmental damage. And it has reportedly gone after shareowners who have inquired whether Chevron has violated securities laws by allegedly not properly reporting the massive fine.
	
	Social Funds quotes Graham Erion, an attorney for rainforest communities, as saying Ã�ï¿½Ã¯Â¿Â½Ã�ï¿½Ã�Â¢Ã�ï¿½Ã�Â¯Ã�ï¿½Ã�Â¿Ã�ï¿½Ã�Â½Ã�ï¿½Ã�Â¯Ã�ï¿½Ã�Â¿Ã�ï¿½Ã�Â½ChevronÃ�ï¿½Ã¯Â¿Â½Ã�ï¿½Ã�Â¢Ã�ï¿½Ã�Â¯Ã�ï¿½Ã�Â¿Ã�ï¿½Ã�Â½Ã�ï¿½Ã�Â¯Ã�ï¿½Ã�Â¿Ã�ï¿½Ã�Â½s management is publishing false or materially misleading information regarding its $18.1 billion judgment in Ecuador for causing environmental damage.Ã�ï¿½Ã¯Â¿Â½Ã�ï¿½Ã�Â¢Ã�ï¿½Ã�Â¯Ã�ï¿½Ã�Â¿Ã�ï¿½Ã�Â½Ã�ï¿½Ã�Â¯Ã�ï¿½Ã�Â¿Ã�ï¿½Ã�Â½Ã�ï¿½Ã¯Â¿Â½Ã�Â¯Ã�Â¿Ã�Â½Ã�ï¿½Ã¯Â¿Â½Ã�ï¿½Ã�Â  He is further quoted as saying, Ã�ï¿½Ã¯Â¿Â½Ã�ï¿½Ã�Â¢Ã�ï¿½Ã�Â¯Ã�ï¿½Ã�Â¿Ã�ï¿½Ã�Â½Ã�ï¿½Ã�Â¯Ã�ï¿½Ã�Â¿Ã�ï¿½Ã�Â½When things happen, you have to adjust what youÃ�ï¿½Ã¯Â¿Â½Ã�ï¿½Ã�Â¢Ã�ï¿½Ã�Â¯Ã�ï¿½Ã�Â¿Ã�ï¿½Ã�Â½Ã�ï¿½Ã�Â¯Ã�ï¿½Ã�Â¿Ã�ï¿½Ã�Â½re telling investors.]]></description>
      <link>http://www.fa-mag.com/news/chevron--a-fool-s-investment-13101.html</link>
      <pubDate>2013-01-16 15:00:00</pubDate>
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      <title>Foundations Support Impact</title>
      <description><![CDATA[Conventional wisdom has it that money is either charity or an investment; there is no in between.
Impact investing has changed that. And foundations now endorse the model.

	The Council on Foundations in a memo six months ago endorsed impact investing.]]></description>
      <link>http://www.fa-mag.com/news/foundations-support-impact-12970.html</link>
      <pubDate>2013-01-03 11:30:00</pubDate>
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      <title>Goldman's Impact</title>
      <description><![CDATA[Goldman Sachs made a big splash when it announced several months ago that it would begin an impact investment program, kicked off through a social bond commitment for New York City jails.

The unique social bond offering, back by Mayor Michael Bloomberg, is aimed at fostering private-public investment partnerships that help the common good and inure financial returns.]]></description>
      <link>http://www.fa-mag.com/news/goldman-s-impact-12876.html</link>
      <pubDate>2012-12-18 14:30:00</pubDate>
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      <title>Psychoanalyzing Entrepreneurs</title>
      <description><![CDATA[With millions of startup ventures seeking trillions of dollars in capital, getting inside the mind of the entrepreneur can mitigate a lot of risk. But how beyond the standard background check, the de rigeur in-person meetings, and basic due diligence can investors be relatively sure they are investing in the right person?

The Entrepreneurial Finance Lab believes it has the answer. Begun as a project at Harvard's Center for International Development, EFL has developed computer-based questions relating to character, abilities and attitude to identify high potential, low-risk entrepreneurs. EFL's score allows lenders to control risk, gives investors higher returns, and helps trainers make a greater impact.
After receiving a grant from Google, EFL became an independent organization two years ago and now operates in 23 countries and has analyzed thousands of entrepreneurs.]]></description>
      <link>http://www.fa-mag.com/news/psychoanalyzing-entrepreneurs-12742.html</link>
      <pubDate>2012-12-05 12:00:00</pubDate>
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      <title>Spiritual Productivity</title>
      <description><![CDATA[Is spiritual productivity linked to physical productivity? An essay on Progressplanet.com makes an interesting case for it.]]></description>
      <link>http://www.fa-mag.com/news/spiritual-productivity-12644.html</link>
      <pubDate>2012-11-21 00:00:00</pubDate>
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      <title>Time For ROI+</title>
      <description><![CDATA[Metrics showing financial performance alone aren't enough to measure success. A new definition of prosperity is needed; let's call it ROI+.]]></description>
      <link>http://www.fa-mag.com/news/time-for-roi-12475.html</link>
      <pubDate>2012-11-07 15:43:42</pubDate>
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      <title>'Earn Now, Give Later' Is B.S.</title>
      <description><![CDATA["Why don't I just make a 
lot of money and donate to charity?" I am asked. My answer doesn't 
waver: "Because that's stupid." More people are starting to get it, as evidenced by the 600-person turnout at Credit Suisse's inaugural impact investing event.]]></description>
      <link>http://www.fa-mag.com/news/earn-now-the-give-later-is-bs-12351.html</link>
      <pubDate>2012-10-24 14:02:59</pubDate>
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      <title>World Bank Touts Impact</title>
      <description><![CDATA[The World Bank released its World Development Report 2013 and addressed the progress of small companies in the developing world. These are the bread and butter of impact investments.]]></description>
      <link>http://www.fa-mag.com/news/world-bank-touts-impact-12243.html</link>
      <pubDate>2012-10-10 16:44:42</pubDate>
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      <title>CGI Enlists Do-Good Leaders And GIVE</title>
      <description><![CDATA[Leaders from around the world and from the public, private, and 
nonprofit sectors descended on New York City this week to attend the 
Clinton Global Initiative.]]></description>
      <link>http://www.fa-mag.com/news/cgi-enlists-do-good-leaders-and-give-12111.html</link>
      <pubDate>2012-09-28 16:15:49</pubDate>
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      <title>2013: The Year Of Impact Investing</title>
      <description><![CDATA[A new survey of financial professionals finds 2013 will be the "year of impact investing."]]></description>
      <link>http://www.fa-mag.com/news/2013-the-year-of-impact-investing-11913.html</link>
      <pubDate>2012-09-11 18:53:50</pubDate>
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      <title>An Impact Investing Stock Exchange?</title>
      <description><![CDATA[Forbes has posted a story about a new impact investing stock exchange that, as it puts it, "is making steady progress."]]></description>
      <link>http://www.fa-mag.com/news/an-impact-investing-stock-exchange-11836.html</link>
      <pubDate>2012-09-05 16:53:56</pubDate>
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      <title>Impact Investing Is A Game</title>
      <description><![CDATA[GBO Hawaii is an impact investing game where players can see the 
results of their investment decisions on people and the environment.]]></description>
      <link>http://www.fa-mag.com/news/impact-investing-is-a-game-11685.html</link>
      <pubDate>2012-08-22 13:31:59</pubDate>
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      <title>Cordes Leads By Example</title>
      <description><![CDATA[The co-chairman of financial services giant Genworth Financial and the founder of ImpactAssets describes the kind of investments he's interested in as "Frontier Capital."]]></description>
      <link>http://www.fa-mag.com/news/cordes-leads-by-example-11564.html</link>
      <pubDate>2012-08-08 14:15:18</pubDate>
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      <title>Swimming With The Sharks</title>
      <description><![CDATA[Sir Richard Branson invited me to go swimming with the sharks. Literally.]]></description>
      <link>http://www.fa-mag.com/news/swimming-with-the-sharks-11314.html</link>
      <pubDate>2012-07-17 18:12:45</pubDate>
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      <title>Rio+ Equals Opportunity</title>
      <description><![CDATA[If you read The Economist magazine last week and followed the 
results of the United Nations' Rio+ meeting, you can put two and two 
together: The planet is forever changing before our eyes and it will be 
up to the private sector to change it for the better.]]></description>
      <link>http://www.fa-mag.com/news/rio-equals-opportunity-11125.html</link>
      <pubDate>2012-06-27 12:59:59</pubDate>
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      <title>A $650 Billion Proposition</title>
      <description><![CDATA[A new survey of more than 1,000 financial advisors shows impact investing stands to become a $650 billion business in the near term.]]></description>
      <link>http://www.fa-mag.com/news/a-650-billion-proposition-10968.html</link>
      <pubDate>2012-06-12 15:49:35</pubDate>
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      <title>Invest In Food Security</title>
      <description><![CDATA[One of the biggest sectors in the impact investing space is agriculture. Read that as food. And more and more big-time investors are stocking up on it.]]></description>
      <link>http://www.fa-mag.com/news/invest-in-food-security-10817.html</link>
      <pubDate>2012-05-30 13:24:12</pubDate>
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      <title>Beyond The Buffett Rule</title>
      <description><![CDATA[There should be an alternative to the Buffett Rule being kicked around 
in Washington: Do good with your money and get a tax break.]]></description>
      <link>http://www.fa-mag.com/news/beyond-the-buffett-rule-10692.html</link>
      <pubDate>2012-05-16 13:56:55</pubDate>
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      <title>Fear And Loathing In Las Vegas</title>
      <description><![CDATA[The only time attendees here at the SkyBridge Alternatives Conference 
(SALT) got viscerally excited was when Karl Rove, former senior advisor 
to President George W. Bush, slammed president Obama's economic 
policies.]]></description>
      <link>http://www.fa-mag.com/news/fear-and-loathing-in-las-vegas-10654.html</link>
      <pubDate>2012-05-11 02:11:55</pubDate>
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      <title>Is Impact Investing Like Occupy Wall Street?</title>
      <description><![CDATA[The U.S. State Department held its Global Impact Economy Forum last week
and every one from billionaires to institutional portfolio managers to 
activists, academics and even a famous actress showed up.]]></description>
      <link>http://www.fa-mag.com/news/is-impact-investing-like-occupy-wall-street-10517.html</link>
      <pubDate>2012-04-30 19:06:56</pubDate>
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      <title>The Character, Or The Play?</title>
      <description><![CDATA[Is it the specific social business or the broader social cause that makes impact investing a good investment?]]></description>
      <link>http://www.fa-mag.com/news/the-character-or-the-play-10375.html</link>
      <pubDate>2012-04-17 18:54:55</pubDate>
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      <title>Oh, Canada</title>
      <description><![CDATA[On Bloomberg terminals, the CSR pages are generating the fastest-growing number of page views.]]></description>
      <link>http://www.fa-mag.com/news/oh-canada-10255.html</link>
      <pubDate>2012-04-03 17:03:20</pubDate>
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      <title>Skoll Foundation's Jungle Initiative</title>
      <description><![CDATA[The bush plane detoured from its route to circle around something called the "Devil's Egg," a natural rock formation on a cliff. I had come to Suriname, the smallest sovereign country in South America, to see first hand the 
workings of Skoll entrepreneur Dr. Mark Plotkin and his Amazon 
Conservation Team.]]></description>
      <link>http://www.fa-mag.com/news/skoll-foundations-jungle-initiative-10122.html</link>
      <pubDate>2012-03-23 05:00:00</pubDate>
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      <title>Dumb Down Impact Investing</title>
      <description><![CDATA[One of the top financial advisors in the country (Barron's List) at one of the most prestigious Wall Street firms is having a hard time selling an impact investing program -- a program where more than half the downside is covered.]]></description>
      <link>http://www.fa-mag.com/news/dumb-down-impact-investing-9986.html</link>
      <pubDate>2012-03-07 17:08:54</pubDate>
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      <title>The Definition Of Impact Investing</title>
      <description><![CDATA[I love it when people write (read scorn) to inform me that my definition of "impact investing" is erroneous. I had no idea that Webster had so many siblings (yes, that is meant to be glib).]]></description>
      <link>http://www.fa-mag.com/news/the-definition-of-impact-investing-9829.html</link>
      <pubDate>2012-02-23 14:41:42</pubDate>
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      <title>The Dangerous Problem With Impact Investing?</title>
      <description><![CDATA[Felix Oldenburg, the Europe and Germany director of Ashoka, an association of social entrepreneurs, has launched a radical critique of impact investing, according to the Web site nextbillion.net.]]></description>
      <link>http://www.fa-mag.com/news/the-dangerous-problem-with-impact-investing-9678.html</link>
      <pubDate>2012-02-08 14:21:52</pubDate>
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      <title>ESG: Liquid Impact Investments?</title>
      <description><![CDATA[Fund managers and wealth advisors are stretching the definition of impact investing, devising proprietary portfolios comprised of publicly traded securities concentrated on the tenets of ESG-environment, social, and governance factors-and dubbing them impact investment portfolios.]]></description>
      <link>http://www.fa-mag.com/news/esg-liquid-impact-investments-9525.html</link>
      <pubDate>2012-01-25 15:44:49</pubDate>
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      <title>HOW To Do Business</title>
      <description><![CDATA[A new business report shows that how business is conducted matters far more than who what, where, or why commerce takes place. And while it may sound intangible, "how" can be measured. ]]></description>
      <link>http://www.fa-mag.com/news/how-to-do-business-8906.html</link>
      <pubDate>2011-11-14 14:49:42</pubDate>
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      <title>Too Much Money At SOCAP11 Conference</title>
      <description><![CDATA[More than 1,000 people were drawn to the streets of San Francisco last 
week to talk about social capital and impact investing. This was no 
random event. It was organized by socialcapitalmarkets.net for their 
SOCAP11 event. And I must say it was one of the more sophisticated events I've attended and spoken at.]]></description>
      <link>http://www.fa-mag.com/news/too-much-money-at-socap11-conference--8364.html</link>
      <pubDate>2011-09-16 19:34:20</pubDate>
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      <title>FAs Can't Sell 'Good'</title>
      <description><![CDATA[Impact investing is talked about a lot, but acted upon very little by 
financial advisors. That's mostly because while there is client demand 
for private equity investments in the emerging markets that have 
potential to do good and provide good returns, advisors don't know how 
to sell these investments.]]></description>
      <link>http://www.fa-mag.com/news/fas-cant-sell-good-7970.html</link>
      <pubDate>2011-08-04 16:19:50</pubDate>
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      <title>Getting In The Game</title>
      <description><![CDATA[Ron Cordes, co-chairman of Genworth Financial Wealth Management, has 
teamed up with longtime social investing advocate Tim Freundlich of 
Calvert Funds to launch a new Web site that can help advisors navigate one of the growing fields of investment management.]]></description>
      <link>http://www.fa-mag.com/news/getting-in-the-game-7746.html</link>
      <pubDate>2011-07-11 17:50:50</pubDate>
    </item>
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      <title>Sustainable Capitalism</title>
      <description><![CDATA[You are going to be hearing a lot more from Al Gore. He has a new 
opinion column that will be distributed by Bloomberg News, and he is 
shifting his focus to the business and investing world. This is where 
advisors' ears should perk up.]]></description>
      <link>http://www.fa-mag.com/news/sustainable-capitalism-7572.html</link>
      <pubDate>2011-06-20 13:39:06</pubDate>
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      <title>Money Managers Attune To Impact Investing</title>
      <description><![CDATA[Clients of leading private banks and pension funds are calling on their investment managers to offer impact investment options.]]></description>
      <link>http://www.fa-mag.com/news/money-managers-attune-to-impact-investing-7350.html</link>
      <pubDate>2011-05-23 22:12:05</pubDate>
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      <title>The Next, Next Thing</title>
      <description><![CDATA[Fifteen entrepreneurs get a chance to pitch their start-up business plans to a group of 150 impact investors.]]></description>
      <link>http://www.fa-mag.com/news/the-next-next-thing-7161.html</link>
      <pubDate>2011-04-28 17:06:49</pubDate>
    </item>
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      <title>Social Impact Bonds Hit U.S.</title>
      <description><![CDATA[Buried deep within this year's fiscal federal budget is a $100 million 
line item that may be the best bridge between public and private 
investing ever invented.]]></description>
      <link>http://www.fa-mag.com/news/social-impact-bonds-hit-us-7020.html</link>
      <pubDate>2011-04-06 16:28:53</pubDate>
    </item>
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      <title>RFPs For Good</title>
      <description><![CDATA[An independent U.S. government agency plans to seek ideas from advisors and others on how to encourage strategies for impact investing in developing countries.]]></description>
      <link>http://www.fa-mag.com/news/rfps-for-good-6927.html</link>
      <pubDate>2011-03-26 03:39:21</pubDate>
    </item>
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      <title>Black Swans</title>
      <description><![CDATA[This well-known venture capitalist is making big bets on technologies that have a 90% chance of failing, but will change society radically if they succeed.]]></description>
      <link>http://www.fa-mag.com/news/black-swans-6866.html</link>
      <pubDate>2011-03-15 14:16:23</pubDate>
    </item>
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      <title>Investment Terror Insurance</title>
      <description><![CDATA[If you have investments overseas and are concerned about the recent 
spate of uprisings and protests affecting your portfolio, you might want
to consider investment terror insurance.]]></description>
      <link>http://www.fa-mag.com/news/investment-terror-insurance-6827.html</link>
      <pubDate>2011-03-08 20:26:00</pubDate>
    </item>
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      <title>Transparency Needed</title>
      <description><![CDATA[Impact investing needs indexes, benchmarks and uniform reporting in 
order for investors to assess how their social and environmental efforts are affecting investment performance. That's beginning to happen.]]></description>
      <link>http://www.fa-mag.com/news/transparency-needed-6757.html</link>
      <pubDate>2011-02-28 20:18:47</pubDate>
    </item>
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      <title>The Eagle Eye</title>
      <description><![CDATA[Client marketing necessitates an "eagle eye," according to one 
top-ranked financial advisor with whom I recently spoke. "Niche 
marketing is the key to success."]]></description>
      <link>http://www.fa-mag.com/news/the-eagle-eye-6708.html</link>
      <pubDate>2011-02-16 19:10:17</pubDate>
    </item>
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      <title>How To Have An Impact</title>
      <description><![CDATA[Showing your value to the wealthiest people in the world may mean 
showing your values. And one way to do that is through impact investing.]]></description>
      <link>http://www.fa-mag.com/news/how-to-have-an-impact-6648.html</link>
      <pubDate>2011-02-01 20:32:25</pubDate>
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