Claude Walker

People draw the line.

Like they see that in their life and they can be many people.

They see something like that.

And they're like,

I don't have the bandwidth or the passion to get stuck into the exact activities of all these companies in an ETF that I own.

But I have one place I draw the line, which is I just make sure it's not tobacco.

And that's ethical investing.

That is absolutely ethical investing.

That is powerful ethical investing that has an impact on tobacco stock prices such that through dividend reinvestment, it makes these things actually...

A good investment because their price is perpetually lower because so many people shun it.

But that also creates the policy and social environment where governments can turn around and strike blows against these tobacco companies because every single person that's losing out when the government taxes tobacco more or the tobacco company, the investors, they are people that

Everybody has known that like somebody's got to tax it more.

You've got to make people smoke less so they're healthier.

They know it's coming, right?

Because the ethical investment movement left it, that made it, it gives a social license more to politicians and people to say, hey, we should absolutely just hurt tobacco companies and their shareholders with laws.

It creates the environment where that can happen.

So it does make a difference in my view.

Absolutely.

It's part of it.

Well, that's a good question.