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Not so long ago, the phrase “socially responsible investing” might have brought to mind environmentalists keeping their investment dollars out of companies they believed to be damaging the Earth or animal rights activists rejecting companies who tested their products on harmless creatures.

As the socially responsibly investing, or SRI, sector has grown, its definition has also diversified. Today the phrase encompasses any investment strategy targeted at aligning an individual’s portfolio with their personal convictions. The Social Investment Forum’s 2005 Report on Socially Responsible Investing Trends in the United States identified $2.29 trillion under professional management involved in one or more of the three primary socially responsible investment strategies.

Screening, shareholder advocacy and community investing are the three most common SRI strategies. Screening (the practice of choosing or excluding investments from a portfolio based on the investor’s personal criteria) may be the most commonly known. Individuals may choose to invest, for example, only in companies headed by women or individuals of a particular ethnicity. Or, they may choose not to invest in companies that conflict with their personal beliefs. In addition to the traditional “sin” stocks of gambling, pornography and alcohol, an investor’s “anti” list might include tobacco, nuclear weapons, defense, companies with poor records on labor relations or the environment, religious issues, animal testing or any other issue.

Shareholder advocacy uses the voting rights associated with stock ownership to promote change within the company. Anti-apartheid organizations used this strategy to get companies to pull out of South Africa in the early 1980s. Community investing directs capital from investors to communities that lack traditional financial services such as credit, equity, capital and basic banking products (services that a community needs to grow and thrive).

According to the Social Investment Forum’s study, socially screened mutual fund assets grew 15-fold over the same 10-year period from $12 billion to $179 billion, outpacing the growth percentage of the mutual fund industry, as a whole, in the U.S. However, financial professionals who specialize in socially responsible investing point out that excluding certain companies (or in some cases, certain sectors) from an investment plan can result in potential financial consequences. Performance, benchmarking, implementation and diversification issues may make these investments more difficult to evaluate. In some cases, that may mean an investor has to choose between his beliefs and his bottom line.

If you do choose to factor your personal definition of social responsibility into your financial plan, keep that trade-off in mind. Trying to compare your SRI-screened portfolio’s performance to general indexes like the Dow and S&P 500 may not be accurate comparisons. The Domini 400 Social Index, run by KLD Research & Analytics Inc., attempts to provide a SRI-related benchmark but again, index results may not adequately reflect the result of including or excluding specific investments.

If aligning your investments is important to you, talk to your financial advisor about socially responsible investment strategies and their potential impact on your portfolio. If your objection to a company’s practices or politics doesn’t keep you up at night, you may be better off donating cash or time to the organization than weeding through thousands of investments looking for a soul mate.

Jason needed to know that his investments were doing more than just putting money into his own pockets. It’s not that he minded making money… on the contrary, he truly appreciated making wise investments and improving his family’s financial picture. It was just that there were more important things than money to Jason.
Jason knew that somewhere there was an investment vehicle that would allow him to realize his ROI (return on investment) goals, AND contribute to the greater good. He set about searching the internet, talking to friends and other investors, looking for an investment that combined social responsibility and a high rate of return.
Jason looked at something called “Green Funds.” He soon discovered that these mutual funds aided the environment, but didn’t necessarily improve the lives of people. Not Jason’s cup of tea, and he was more familiar with real estate than mutual funds, so he kept looking.
Living in Detroit meant that Jason lived in a real estate market filled with foreclosures, and he briefly considered helping people whose houses were either in or about to be in foreclosure. He thought that by buying these people’s houses – at a serious discount – he could stop the foreclosure process and help them preserve their credit record.
The more he thought about it though, the more Jason realized that wasn’t the kind of “help” he wanted to offer people. He knew that even though he was helping them avoid the stigma of foreclosure and keep their credit record clean, the reality was that after they sold their house to Jason, many of them were left without a home of their own, and without the equity they had given away to Jason.
It wasn’t that Jason thought they would be better off without him, which wasn’t the case at all. It was simply that he believed the assistance he was offering was incomplete in some way, and that there had to be a better way. Jason was looking for an investment in which ALL parties benefitted, a true win-win-win. He was discovering that an investment like that was very hard to come by.
Undeterred, Jason kept searching. Then, one evening as he was channel surfing, Jason stumbled across the program 20/20 and became interested as John Stossel talked about a young man named Ephren Taylor. The report focused on “Winning In America” and Taylor was featured as a highly successful investor and entrepreneur. Something Taylor said during the 20/20 interview sparked Jason’s interest.
“Ephren Taylor was talking about not just making money,” Jason explains, “but actually returning something back to urban communities, rebuilding them and making money at the same time. That intrigued me.”
Jason followed up on the 20/20 report by researching Ephren Taylor on the internet. He discovered that Taylor became a millionaire while still a teenager by creating and selling video games to his high school classmates, and is the nation’s youngest African-American CEO of a publically traded company.
Jason also found that Taylor and his company, City Capital Corporation, had pioneered a first-of-it’s-kind, socially responsible real estate investing program that combined the dual goals of double-digit ROI for the investors and the rebuilding of our nation’s urban areas. Jason felt like he was finally getting somewhere!
He also learned that the program was unique in another way as well. Investors could of course participate by putting their cash into the program, and City Capital would use the funds to obtain and rehabilitate urban homes. They would then find willing and well-qualified working-class families who needed housing, and these families became the buyers for the rehabbed homes.
But there were two other ways investors could participate. First, by tapping into a powerful but under-utilized source of capital, Ephren Taylor had come up with a way for individual investors to use their retirement funds – in the form of self-directed IRAs! This opened up a completely new wellspring of investment dollars that would otherwise be lying dormant in mutual funds and treasury bills, not doing anyone much good at all.
The second unique way investors could participate was by using only their good credit. Credit investors – those with a credit score over 700 and annual income over $70,000 – could participate by “loaning” city Capital and it’s investor-partners the leverage of their good credit rating, effectively securing low rate financing for the urban properties and working families in the program.
This astounded Jason with it’s simplicity and creativity.
“By allowing people to use their IRAs, or even just their good credit,” Jason observes, “Ephren Taylor effectively opened the door to investors and sources of capital most investment vehicles completely ignore. That’s pure genius.”
One other thing about City Capital’s socially conscious program greatly impressed Jason.
“Ephren Taylor and City Capital have gotten one crucial component of their program exactly right,” Jason states. “They target middle class homes in working-family neighborhoods. There are thousands of these kinds of homes in every city in America, waiting to be rehabbed, and they are affordable for millions of working families.”
What that means, according to Jason, is that City Capital and it’s investor-partners will literally never run out of homes to invest in, or families to sell them to.
“Every business should have such an endless supply of cheap, easy to obtain inventory AND ready-and-willing-to-buy customers,” says Jason. “That makes for a can’t fail combination.”
Jason’s research led him to conclude that Ephren Taylor and City Capital Corporation were worthy of a serious look, with the end result being that Jason became an IRA investor. After just two years, Jason has invested in seven homes in two different cities. The results speak for themselves.
“I’ve realized double-digit returns on my investment, and at the same time I’ve been able to help rebuild two urban neighborhoods, providing safe, affordable housing for seven families. I especially appreciate how Ephren goes after whole streets, not just one house here, one house there. That can change the face of an entire neighborhood.”
Jason has recommended the socially responsible real estate investing program to several of his investor acquaintances, and many have since become involved. When someone asks him about Ephren Taylor, City Capital, or the investing program, Jason is happy to tell them the straight story.
He explains, “I can’t think of another program, another company, or another man I would recommend as highly as City Capital or Ephren Taylor. Their socially conscious program is exactly what I was looking for, and my family’s financial picture has improved greatly because of it. You should definitely check out this opportunity for yourself.”
The good news is, you can learn all you need to know for free by visiting Socially Responsible Real Estate Investing. Who knows? You may run into Jason one day soon.

Over the last few years the new in vouge investment idea, socially responsible investing has a lot of interest. As environmental issues become more and more prevalent it’s a natural progression. In very simplistic terms socially responsible investing is an investment approach that allows you, the investor, to invest your funds in companies that commonly invest in ways that are compatible with your beliefs. Investing in environmental friendly funds that you support would be a good example of this. As these issues become more important to us, socially responsible investing will become even more popular.
The most common way to invest when it comes to socially responsible investing is through what’s called a sector fund. Sector funds as the name implies focuses its investment objectives in a particular sector. Sector funds are best known for their focus on popular areas. These areas commonly include oil, technological areas, or any other hot sector at the time. Thus, they can be a very valuable tool, allowing you to invest in any area you see fit. So, if an area is hot like real estate was over the last few years you could take advantage of that with a sector fund. Many speculators are currently taking advantage of the rising oil sector. As these trends come to an end, sector funds allow you to move to the next hot area, and so on.
To take a closer look at socially responsible investing we can see that it has evolved over the last couple years. In the past, socially responsible investing was all about supporting the good cause or not supporting a company that you disagree with fundamentally. It’s no longer that way, however, as now the socially responsible investing definition just comes down to aligning your beliefs with a particular investment style, and that can be a slew of different things.
The most common socially responsible investing style can usually fit within one of three different styles. Those typical styles being shareholder advocacy, screening, and community investing. Shareholder advocacy is the influence of a given company by its shareholders to make changes. This could influence a company to stop doing business with a certain entity or a certain way, for example. Screening is probably the most well known and common. It involves not investing in those companies that you disagree with. Maybe, you dislike tobacco companies for their cancer causing issues. You could avoid investing in them. This isn’t always easily done with typical mutual funds, as they own many stocks with little criteria that would align with your beliefs. Community investing can help areas or countries in need of investment funds get much needed capital. This not only spreads good will, but also can be rewarding, as many areas are emerging markets with big potential for investment return.
Socially responsible investing sector funds have grown at an incredible pace. In fact, they’re one of the fastest growing sectors. So, it’s important to note that anytime you invest in a particular sector fund or investment area, you may not be getting the proper diversification that is typically recommended. Make sure to diversify your portfolio. Anytime you’re focusing on just a small area of the market your taking more risk. There can also be sacrifices when eliminating a sector all together. This is a common goal with some socially responsible investing techniques, but can prove costly. Eliminating the oil service sector, for example, during this recent run up would have sacrificed a major portion of your large gainers. Always, check with a professional advisor before implementing an investment plan.

By understanding the performance of socially responsible stocks, individual socially responsible stock, the socially responsible investor can gain the profits of socially mindful investing, either through individually socially responsible investments, or by engaging with socially responsible investment funds and socially responsible funds. In addition, the article also confers the sustainable investing approach in investing with ethics, green investing, values investing, and socially responsible investments.

Although socially responsible investing has expanded dominance in the last numerous decades, countless socially responsible investors are still under the feeling that to invest in social good, they must decline certain levels of portfolio performance. However, with the confirmation escalating that socially responsible investment funds strictly match, if not surpass, their market counterparts, many socially responsible investors are capitalizing their earnings – and their involvement to social good.

Long-term vs. short-term corporate focus

Socially responsible investing (SRI) takes the long term vs. short term investment discussion to a socially alert investing level. In comparison to countless corporations who take advantage of natural assets and human labor for short-term profits, a socially responsible stock drives under long-term natural sustainability, lending itself well to green investing. For example, the oil magnates such as Exxon-Mobile and Chevron have experienced exponential expansion in the last numerous years. However, where will these corporations be in 10 or 20 years – when the oil rigs are pumped dry and clients have switched over to hydrogen-fuel cars? In stark contrast, green investing stress the long-term sustainability of corporate social responsibility on the environment, society, and monetary well-being.

 

Overarching SRI principles

The extensive investment ideology of socially responsible investing are conceptualized based upon unstable techniques of social investing analysis. The execution of social investing in Europe is usually diverse than in the United States, but the underlying essentials are based upon using a set of foundation values. Depending upon the socially responsible investments portfolio or socially responsible funds, the SRI analysis may be based on one or several of the following criteria:

1. Sustainability Practices : This socially conscious investing perspective analyzes whether a company’s business practices are sustainable in the long term. If the business operations negatively impact the environment, economy, communities, or human welfare, then it is not considered sustainable investing for long term profitability.

2. Corporate Governance : This socially responsible investing component analyzes the company’s policies on employee, community, investors, stakeholder, and environment relations. Social investment’s mutual authority analysis is a separate process from the company’s financial outlook.

3. Religious Beliefs : Considered the original father of socially conscious investing, religious beliefs have screened many portfolios. For example, a Catholic screened socially responsible investing portfolio may divest companies that produce contraceptives. Both Christian and Muslim screened socially liable funds are prevalent, imparting strong religious beliefs onto the social investing analysis of opportunities.

4. Public Policy : Geared for socially responsible stock portfolios that include international holdings, the public policy filter analyzes foreign governments’ actions, either on an individual country case-by-case basis, or based upon an international mandate, such as a ban by the UN or NATO.

Socially responsible investment funds’ performance

Beyond the desire to contribute to social good, socially responsible investors are seeking SRI investment performance. Values investing demonstrate that socially conscious investing can be done quite profitably. In fact, in some market conditions, socially responsible funds outperform their market counterparts.

The Domini 400 Social Index (DS 400), the socially responsible investing industry benchmark, has outperformed the S&P 500 since its inception in 1990. According to KLD Indexes, as of November 30, 2007, the DS 400 has enjoyed 11.75% annualized returns, leading ahead of the S&P 500’s 11.21%. The DS 400 screens its index for socially responsible stocks based upon environmental, governance, and social filters, and within its index, there are 250 S&P 500 represented companies, 100 companies not on the S&P 500, and another 50 socially responsible stocks that have demonstrated significant strength in social investing filters.

With the sustained long-term SRI investment returns in the socially responsible investment funds, such as the DS 400, socially conscious investing can match or outperform its market counterparts – dispelling the myth that a socially responsible investor must sacrifice performance for social consciousness.

 

The risk exposure of socially responsible stocks

However, when comparing SRI indexes against market benchmarks, the question begets: does the performance of socially responsible investment funds come at a higher portfolio risk than its market counterparts?

Considering the rigorous screens of socially responsible investing portfolios, the socially responsible stocks are naturally geared towards companies with smaller market caps. Theoretically, the lower market caps contribute to a higher volatility and beta for the overall socially conscious investing portfolio. For example, the Domini 400 has a weighted average market cap of 83% of the S&P 500.

Beta Coefficient: measurement of an investment’s volatility against the market

However, instead of reducing the overall beta, the socially responsible investments screens minimize the individualized corporate risk. By evaluating a socially responsible stock based upon its governance, sustainability and relationship with stakeholders, social screens reduce the economic risk of the individual corporate holding. For example, by not choosing to invest in tobacco, socially responsible investors shield their portfolios from the negative performance factors of lawsuits. Or, by selecting companies that have good relations with their employees, the negative financial reprimands of strikes are curtailed from the socially responsible investment portfolio.

Risk and volatility are not necessarily synonymous in the world of financial portfolios. Whereas beta may be a good indicator to evaluate the short-term probability that a negative event may occur, this does not specifically analyze the individualized corporate risks. Though socially conscious investing portfolios may have higher betas, the risk of the socially responsible stocks in the portfolios experiencing financial degradation is more limited than the market benchmarks.

Alpha: risk-adjusted measurement of an investment’s excess return over “risk-free” instruments

One of the most compelling factors of socially conscious investing is that despite its demonstrated increased returns, the risk does not necessarily increase. Social investing may be one of the few exceptions to the risk-to-reward ratio. In fact, the performance of the socially responsible funds may not be fully indicative of its true earnings, once the lowered individualized corporate risk is weighted. After adjusting for both short-term and long-term risk, social investing’s alpha may be stronger than the numbers indicate. For more information visit our website http://www.sristocks.com

Socially Responsible Investing for Idiots

Sí, Money! (http://simoney.us) By Michael Grodsky

If I have to be an idiot, at the least I’m a green idiot. I believe in clean air, corporate responsibility, community activism, licorice, pizza and Thai food. And healthy living, freedom, and of course freedom raisins.

Shiny happy raisins

I love trees, sky, and ah, the OXYGEN! But I’m worried about the dismal state of health care, education funding, the ozone hole, the Medicare donut hole, and your little dog too! Did you know the North Pole is melting? That really scares me. Plus I need to cut down on my Chunky Monkey intake.

In everything I do, in every move I make, it seems that I’m part of the worldwide web of production and consumption. So I pertly place my recyclables in the blue bin, our family uses reusable grocery bags, and I vote. What more can a light-switch thumping, gasoline-pumping 21st century fox do?

C’mon, baby, light my SRI fire…

 

It was only a couple of years ago a friend remarked to me that real estate was the only investment that made any sense, as if his seat on the Ferris Wheel of investments, propelled by an invincible source, would forever be going up, up, UP! Instead, what happened was “up, up and away.”

The first Ferris wheel, from 1893 World Columbian Exposition in Chicago

The desire for a sure thing is hard to resist. Albert Einstein, succumbing to pressure to support the idea of a static universe, in his 1917 paper added an adjustment number called the “cosmological constant” to his equation for general relativity. In 1931 he publicly renounced this static cosmology and endorsed the Big Bang expanding universe model, ditching the cosmological constant and returning to his original equation. He later called his bowing to peer pressure the greatest blunder of his entire life. You can read about the adventure in author Simon Singh’s “Big Bang – The Origin of the Universe.”

Many philanthropic foundations have long drawn a wall between their socially conscious mission statements that drive grant making, and the investment holdings of their endowment. There is a truism that investing for social benefit results in lower returns. But just as scientific peer consensus eventually embraced the Big Bang theory, so has the thinking of philanthropic foundations changed. The reasons are twofold: A recognition that corporate responsibility and societal concerns are valid parts of investment decisions, (1) and a growing number of academic studies have demonstrated that socially responsible investment (SRI) mutual funds perform competitively with non-SRI funds over time. (2)

For example, according to University of Maastricht and Erasmus University Rotterdam economists in their prize-winning paper, “we find little evidence of significant differences in risk-adjusted returns between ethical and conventional funds for the 1990-2001 period.” (3)

Foundation investment choices seem to be increasingly guided by effect upon society as a whole, not just financial gain, according to a recent Los Angeles Times article. (4) Fresh thinking in the nation’s largest foundations may be driving the impetus ever faster: The $8.5-billion William and Flora Hewlett Foundation (Menlo Park), the $6.1-billion John D. and Catherine T. MacArthur Foundation (Chicago), the $7.8-billion W.K. Kellogg Foundation (Battle Creek, Michigan) all have made recent changes to improve the social effect of their investments. (5)

SRI assets are also growing faster than assets as a whole: according to the non-profit Social Investment Forum’s 2005 biennial report, SRI assets rose more than 258 percent from $639 billion in 1995 to $2.29 trillion in 2005. Over those ten years, SRI assets grew four percent faster than the entire universe of managed assets in the United States. (6)

Some have already been on the SRI track: the nation’s second largest foundation, the Ford Foundation, along with others such as the F.B. Herron Foundation, the Jessie Smith Noyes Foundation and the Nathan Cumings Foundation, have for a long time aligned their charitable and investment practices.

What is Socially Responsible Investing? Socially Responsible Investing (SRI) is a broad-based approach to investing that now encompasses an estimated $2.3 trillion out of $24 trillion in the U.S. investment marketplace today. (7) The release of the United Nations Principles for Responsible Investment–subscribed to by some of the world’s largest institutional investors, asset managers, and related organizations representing over $9 trillion in assets as of mid- 2007–underscores the widespread acceptance of the principle that investors cannot, in the long run, achieve their goals by investing in corporations that externalize their costs onto society. (8)

How do I research SRI funds? A good place to start is the Social Investment Forum (http://www.socialinvest.org). Look at the resource list at the end of this article too.

How do I start investing? If you participate in an employer-sponsored retirement plan, there may be SRI funds already available to you. If you manage your own IRA or other plan, look into what’s available. But don’t just go adding a fund without considering the entire makeup of your portfolio.

The key to earning decent long-term returns and limiting overall risk is to have a proper asset allocation, meaning you don’t have all your eggs in one basket. For do-it-yourself-ers, check out the government’s website about asset allocation (http://tinyurl.com/2825hw), or purchase “All About Asset Allocation” by Richard A. Ferri ($13.57 at Amazon), a great introduction to the topic. Your personal financial advisor or company where you have your investment or retirement accounts can help.

How do I know which funds will produce the highest returns? You don’t, you can’t, and you won’t, so just forget about it because past performance doesn’t predict future results. The day-to-day ups and downs of the market receive the media attention, but the daily, quarterly, or even yearly returns are largely irrelevant in constructing an individual’s portfolio whose objectives are long-range.  What you want to look for are funds that perform well over the long run within their particular sector, as compared to the appropriate benchmark indices. Various areas of the economy are always moving up and down and sideways, and so far no one has ever been able to know ahead of time what the pattern will be. Asset allocation, I’ll say again, may be the key to long-term success in building a financially secure future. Not panicking helps too!

What makes an SRI fund different? If a prospective company is a fit according to a fund’s stated objectives, research is performed to determine whether or not it’s a good idea to buy stock at the current offering price. It boils down to the question “Within the guidelines of the stated objectives of the fund, will this purchase help to achieve the highest possible return for the fund’s shareholders?”

The three core socially responsible investing strategies are screening, shareholder advocacy, and community investing. Screening means a fund will include or exclude companies based upon criteria such as alcohol, tobacco, animal testing, and human rights, among others. These screens can be positive (e.g., including companies that treat employees well) or negative (e.g., excluding companies who do business with disturbed musicians).

Keep in mind that, as with all mutual funds, SRI funds have no guarantees of future return.

In any case, you’d better take this lad’s offering of raisins!

If you use electricity, drive a car, and participate in many other activities of daily living, in a very true sense you are already investing in the companies that allow and encourage your consumption. In other words, you are part of the “market” whether or not you actually own stocks or mutual funds. Socially responsible investing can be a way to make your dollars work toward something in which you believe, and support those companies you believe have a vision in line with your own.

Resources and suggested reading

1.    “The Mission in the Marketplace: How Responsible Investing Can Strengthen the Fiduciary Oversight of Foundation Endowments and Enhance Philanthropic Missions.” Social Investment Forum Foundation’s resource guide for foundations to manage risk and leverage their investment assets more fully with their core philanthropic purpose, while creating lasting value. http://tinyurl.com/35t49h 2.    “10 best” list of companies. Corporate Responsibility Officer magazine rates the citizenship disclosures, policies and performance of large-cap, public companies in the following industries: Auto & Vehicles, Paper, Technology Hardware, Technology Software, Transport, and Travel & Lodging industries, Chemical, Energy, Financial, Media and Utilities industries. http://www.thecro.com/node/580 3.    Social Science Research Network. http://www.ssrn.com/ 4.    United Nations’ “The Principles for Responsible Investment.” An investor initiative in partnership with UNEP Finance Initiative and the UN Global Compact. http://www.unpri.org/ 5.    The Social Investment Forum; national membership association dedicated to advancing the concept, practice, and growth of socially and environmentally responsible investing. http://www.socialinvest.org/ 6.    Social Investment Forum’s 2005 biennial report. http://tinyurl.com/258794 7.    Sristudies.org, a resource for quantitative aspects of socially responsible investing. Includes an annotated bibliography of studies of socially responsible investing. A project of the Moskowitz Research Program, which is affiliated with the Center for Responsible Business at the Haas School of Business, University of California, Berkeley. 8.    Socially Responsible Mutual Fund Charts of Financial Performance. http://www.socialinvest.org/resources/mfpc/ 9.    SocialFunds.com, an advertising-driven website with information on SRI mutual funds, community investments, corporate research, shareowner actions, and daily social investment news. 10.    “Handbook on Responsible Investment Across Asset Classes.” For asset allocation junkies, individuals and institutional investors the Boston College Center for Corporate Citizenship created this work. http://tinyurl.com/2ffqbu

Footnotes

1. The Maturing of Socially Responsible Investment: A Review of the Developing Link with Corporate Social Responsibility by Russell Sparkes and Christopher J. Cowton. Journal of Business Ethics, Volume 52, Number 1 / June, 2004. 2. SriStudies.org 3. International Evidence on Ethical Mutual Fund Performance and Investment Style, paper by Rob Bauer, Kees Koedijk, Rogér Otten. Limburg Institute of Financial Economics, November 2002. (socialinvest.org/resources/research) 4. Foundations align investments with their charitable goals by Charles Piller, Los Angeles Times, December 29, 2007. Section C, p 1. 5. Ibid. 6. 2005 Report on Socially Responsible Investing Trends in the United States. Social Investment Forum. (www.socialinvest.org) 7. Socially Responsible Investing Facts. Social Investment Forum. www.socialinvest.org 8. PRI Report On Progress 2007. PRI (Principles for Responsible Investment), United Nations. (www.unpri.org)

Image credits

Sun-Maid/George Bush composite image •    First Sun-Maid packaging to feature a likeness of Lorraine Collett as the “Sun-Maid Girl,” 1916. Designer unknown, incorporates painting by Fanny Scafford. Public domain in the United States. •    Photograph of Bush speaking. Brazil, November 6, 2005. Agência Brasil, a public Brazilian news agency, produced photograph. Published under the Creative Commons License Attribution 2.5 Brazil. Fox/Morrison composite image •    Foxes by Franz Marc, 1913. The Yorck Project: 10.000 Meisterwerke der Malerei. DVD-ROM, 2002. ISBN 3936122202. Distributed by DIRECTMEDIA Publishing GmbH. Public Domain. •    Jim Morrison portrait, 2007, by Amadeu.taradell. Released by author into public domain. Ferris Wheel/Superman composite image •    The first Ferris wheel from the 1893 World Columbian Exposition in Chicago. The New York Times photo archive. Public Domain. •    Screenshot of 1941 cartoon Superman. Fleischer Studios. This work is in the public domain because it was published in the United States between 1923 and 1963 with a copyright notice, and its copyright was not renewed. Musician holding Valentine’s Day raisins composite image •    Photo of musician Jeff Hawley, 2007.  Manager, Marketing Content Pro Audio and Combo Division, Yamaha Corporation of America. Courtesy of Mr. Hawley. •    Photo, August 3, 2005 by Mazbln. Halberstadt, Klosterkirche St. Burchardi, Ort des John-Cage-Projektes “As slow as possible.” Permission is granted to copy, distribute and/or modify this document under the terms of the GNU Free Documentation License, Version 1.2 or any later version published by the Free Software Foundation. •    Original painting of Lorraine Collett by Fanny Scafford, 1915, later used on Sun-Maid raisin packaging. Public domain in the United States.

This column is meant to provide general information, and should not be construed as providing investment, legal, or tax advice. There is no guarantee as to the accuracy or completeness of the information in this article. There are no guarantees of future return for any fund, nor an endorsement of any investment product. Mutual funds are sold by prospectus only. For complete information on mutual funds including sales charges and expenses, call your financial professional for a prospectus. Please read the prospectus carefully before investing. Links are provided herein as a courtesy, and no guarantees are made as to the accuracy of the content on the referenced websites.

Sí, Money! – Vol. 2, No. 1  February 2008 – http://simoney.us