The price of conscience: arguments for ethical out-performance

Price of ethical InvestingPreviously, Quintin Rayer introduced sustainable (environmental, social and governance, or ESG) investing, looking at different approaches including fund selection. This article is the first of two considering the ‘price of conscience’, challenging the view that ethical investments may underperform.  Here, logical arguments to expect ethical out-performance are explored, a future article will review studies of actual performance.

This article is the seventh in a series making up a helpful introduction to ethical and sustainable investing for IFAs unfamiliar with this topic.  The previous articles can be found here:

Q G Rayer (2018), The price of conscience: arguments for ethical out-performance, DISCUS, available at, 4 pages, 22 February 2018.



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Dr Quintin Rayer

About Dr Quintin Rayer

Quintin is a Chartered Fellow of the Chartered Institute for Securities and Investments, a Chartered Wealth Manager and holds a Physics degree from Imperial College London and a Physics doctorate in atmospheric physics from Oxford University and is a Fellow of the Institute of Physics.