THE FOURTH QUARTER financial market returns were surprising—but certainly not unwelcome—and capped off a strong year. The S&P led all major equity categories for the quarter yet again with a gain of 11% and finished the year up 28.7% (about 70% from the end of the first quarter of 2020). Large-cap stocks led the way for the year, nearly doubling the return of small caps (up 14.8%). International markets trailed for the quarter and the year with developed markets up 11% in 202

Since the beginning of 2020 through the second quarter of 2021, sustainable investing has attracted over $90 billion in new cash flow, raising the AUM of equity Environmental, Social and Governance (ESG) criteria funds to an estimated $537 billion. Despite the massive interest in ESG investing on the part of individuals and institutions, there remain some challenges for investors and advisors alike. For instance, there is no standard definition of what ESG represents. Can a f