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Investing in Vices 道德与投资 [1] A tricky question in investing is how much of a role ethics should play in your stock selections. [2] Should you invest in companies that manufacture weapons? What about nuclear power? Alcohol? Gambling? Tobacco? Those are the Big Five in terms of ethical decisions. They tend to provoke the strongest emotions, and come up most often in discussions of ethical investing. [3] But the list could go on and on. Should you invest in companies that have been fined for polluting the environment? Companies that have been sued for racial discrimination? Companies that dont have women in key positions? Companies that do animal testing? Companies that sponsor sexually explicit TV shows or art exhibitions? [4] The world being what it is, too fine an ethical filter could quickly screen out almost every large company and many small ones. [5] I tend to be tolerant of most vices in life, and also in investing. I am currently seeking out defense stocks. Im eyeing at least one nuclear-power stock, and am favorably disposed toward gambling stocks. Theres no liquor stock I want to own, but if the numbers looked attractive, Id buy one. [1]投资时需要慎重对待的一个问题，就是道德规范在你选择股票时应该占多大份量。 我们是否应投资于生产武器的公司?或者投资于核动力、酒类、赌博、烟草类公司?这是有道德争议的五大领域，容易激起人们最强烈的爱憎之情，也最常引发道德性投资的讨论。 | 
