[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 don't 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. I'm eyeing at least one nuclear-power stock, and am favorably disposed toward gambling stocks. There's no liquor stock I want to own, but if the numbers looked attractive, I'd 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。

    不过这个名单可以一直列下去。你是否应该投资于那些因污染环境而受罚的公司？那些被指控种族歧视的公司？那些不让妇女担任要职的公司？那些用动物进行试验的公司？那些为直接渲染色情的电视节目出资和举办类似艺术展览的公司？

    现实世界就是这样，如果用太细的道德过滤器去筛选，那么几乎每一个大公司和许多小公司很快都得从投资的名单中筛出去。

    我倾向于容忍生活中的大部分不道德行为，在投资方面也是如此。我现在正在挑选一些国防类的股票。我至少中意于一种核动力的股票，还看好博彩类的股票。我不想买酒类股，但如果价位有吸引力的话，我还是会买一种的。