Craig Jonas Ph.D.

I have always been intrigued by the concept and study of contentment and happiness. Northfield, Minnesota’s slogan of “Cows, Colleges and Contentment” lured me in when I was looking at undergraduate schools – it was a sunny day at Carleton College when I visited in the summer of 1982. I am pretty sure that under my college yearbook picture (book was recycled in our last “lighten the load” purge before we recently moved, so I can’t verify), my stated future goal in life was “contentment.” In our divisive times, it feels like we all might benefit from added scientific wisdom on the topic…

A recent article, “Things That Will Make You Happier Than Winning the Lottery,” piqued my interest. In it, Harvard Professor Sanjiv Chopra explores the research and findings. It turns out that money truly does not buy happiness – people who win the lottery lose the excitement soon after: “The research shows that at the end of a year, they’re back to baseline. Some are less happy,” Chopra says.

Chopra also shares Three Keys to being happier people: Purpose (Dharma), Giving, and Gratitude. The findings resonate with me and feel consistent with the hopeful themes of the season!

It is interesting, then, how important having access to the right amount of capital enables Chopra’s three keys. It is difficult to serve your purpose, give, or express appropriate gratitude if you don’t have the funds to do the work.

ESG-driven impact investors attempt to strike a similar balance. Creating inclusive, socially impactful wealth for all people is not possible without the wherewithal to take meaningful steps forward.

The good news is that the purpose-based recipe is working for a new brand of responsible capitalism. The need for evolved ESG-driven models continues to grow, supporting companies actively doing the important work of our time: purposefully helping solve the climate emergency, giving alternative buckets of capital that support entrepreneurs in disadvantaged communities, and expressing gratitude through paying fair and equitable wages.

At Carleton, I was privileged to get to know Paul Wellstone in a unique way. Before he served as the Senator from Minnesota, he taught Political Science at Carleton. He was a huge sports fan and former college athlete. We would share a beer (or 2) at Sayles Hill after basketball games – it was a different time and our interpretation post-game carbo loading seemed encouraged… He would always have some interesting perspectives on our strategy and approach. He usually thought we could pressure the ball more on defense and rebound with more effort (he was right – you can always play harder).

As Senator, Wellstone became famous as a voice for communities that had not been well served by the status quo. He was known for the maxim, “We all do better when we all do better.” He believed capitalism had a deep responsibility to be more inclusive while promoting innovation and allowing all entrepreneurs the opportunity to thrive in its competitive marketplace.

The late Senator would approve of the ESG-driven impact investing movement. Howard Buffett, Warren’s grandson, recently tweeted about how the ESG-driven movement needs to be intentional about its growth, and strive for more uniform measurements that all can understand.

Young people are driving the change. Students are demanding change. One of the interesting things about the juxtaposition of colleges and capitalism is that the wealth gap we see in individuals is exaggerated in the university setting between the wealthy and less advantaged schools. For the more elite schools, college endowments have grown with strong returns. The less advantaged schools are in danger of shutting down. Students are seeking transparency and demanding more alignment with the Environmental, Social and Governmental goals of the ESG movement. Chopra’s own school has bowed under student pressure and has announced they will be changing the way they measure returns in a more inclusive way – the good news for Harvard is that ESG-driven business is growing and showing excellent returns.

For me, as I have matured, I know a more inclusive capitalism will lead to a better, more contented world. We need all the help we can get on that front. And, from one of the learnings from our sports world experience, we can’t let perfect be the enemy of the good as we take direct action. Significant capital and innovative models are leading the change, and it is OK to take one step at a time.

I am grateful that we still have some time, however limited, to give our duty some hope.

The tears in our cultural fabric are deep. We are torn and divided. We have little common ground. Do we give up? Eat more cheese? Stay on the couch? Invest in Chevron?

The challenges in front of us are real and consequential. The U.S. election season highlighted the current schism in our world and exposed the inequalities in front of us all:

• There are no easy solutions for the CoVID-19 pandemic. People are sick and people are dying. My 26-year-old son spent a night in the ER and my sister-in-law’s father died last week. The virus is scary and real.
• The struggle for racial justice has been deeply exposed through our current divisions.
• The climate crisis does not give us much time to get our act together.

These bullets are overwhelming. The key is to work to find possible solutions and create a plan of action, and then act. We can solve problems by attacking them head on, incrementally.

The ancient Chinese philosopher Lao Tzu taught that there is your way, my way, and the way of truth. We need to separate people from the problem and focus on the common ground that is the truth:

• I know it is obvious, but science and data must lead the solutions for the pandemic. My wife is a nurse and she is encountering CoVID-19 patients. Because she and the nurse-doctor team take it seriously, wear their PPE, wash their hands, and keep physically as distant as possible (not that easy when giving shots, etc.), nobody on her team has contracted the virus. Business and school can be conducted if it is done very carefully. Follow the data to open safely.
• We all need to recognize the racist past of our world and be honest about how it has created systems of inequality. We share this past. Actively creating new systems, and businesses, that change the access and opportunities for disadvantaged communities provides multiple pathways to change. Diversity does make us stronger. Fixing would help (here is one proposal driven by data). Support companies like FreeCap.
• The climate crisis is real. While the clock is ticking, there are solutions that are creating change and opportunity. It ends up being a good business decision to care about the long-term future of our world (I know I say that often). Watch David Attenborough: A Life On Our Planet. Support companies like Uncharted Power.

It is a difficult time to write a blog – to recognize the real challenges, while simultaneously seeking common ground – and authentically demonstrating optimism for a brighter future.

But we do share so much as one human race. We can be together. We do have the agency to affect positive change. Our common bond is a better collective future. Drink more water. Move with purpose. Invest in impact. Invest in Change Finance.

Allow tears of joy to flow and to start healing the deep tears. Seek solutions to the problems and find common ground to move forward. I am.

Why This | And Now for Something Completely Different

Business as we know it has not been working. Inequality continues to grow. Many people do not have access to opportunities or tools to improve their current economic situation. As of 2016, the average net worth of a Black family was about 10 times less than the net worth of a White family, according to the Brookings Institution, with no ubiquitous pathways to improvement.

Impact investing has shown strong promise as a vehicle for change. The ability to directly invest in businesses doing good work, while providing a strong financial return, produces opportunities to generate real change. Most of the current opportunities are more accessible to people of wealth or only available through vehicles that negatively screen businesses doing less bad. It turns out, it is a good business decision to care about the long-term future of our world and the multiple bottom lines therein.

We need new models to harness the potential impact investing is showing, so more people can participate in the opportunity. The deep research on impact and ESG investing shows that long term horizons are beating companies that only focus on short-term returns, all other effects of their business be damned.

Why Us | We vs. Me

As business seeks more responsible standards, companies that create inclusive, socially impactful wealth for all people have the opportunity to grant additional access for change. Democratizing the models of impact investing generates newfound opportunities and pathways for more individuals.

Directly investing in things that are doing active good can help change the world, one company at a time. Uncharted Power is one of the companies that is creating real change – run by an incredible woman working to bring power and infrastructure to communities that do not have access to the grid.

When communities are improved in a collective, inclusive, clean way, the effects can trickle up to society at large.

Why Now | “Good Trouble!”

The Bubonic Plague led to The Renaissance – a more energized, youthful, creative, and inclusive world. The COVID-19 pandemic, the struggle for racial injustice, and ongoing climate crisis are collectively our current plague. And, an opportunity.

Now is the time to change the business landscape and make the future a better place. Business holds a unique and deep responsibility in this global dynamic. Equity and real returns, like communities of wealth have experienced for generations, can be made available to everyone through innovative investment vehicles, like holding companies.

These models need to be consistent philosophically with the ideals of our younger generations, who have unique access to information and are decidedly more inclusive in their thinking. My 22-year-old son said his entire generation has increased anxiety and, he continued, “It’s the Boomers’ fault.”

The time for action. I, for one, want to do what I can do make the future a better place for future generations.

“Get in good trouble, necessary trouble, and help redeem the soul of America.”

— John Lewis speaking atop the Edmund Pettus Bridge

Selma, Alabama – March 1, 2020