• Investors increasingly desire to put their money where their heart is - whether it is based on social consciousness, religious views or a hobby: According to Patrice Viot Coster, COO of AXA Investment Managers Research: “People may want to express openly who they are through their investments: I am what I invest.” We do not mean the philanthropic activities of hedge fund billionaires, but the general desire of the average investor to positively impact the world through their investments.  Social impact or “green” bonds offer a creative way for investors to invest in companies offering returns linked to achieving certain defined social impacts.   Religious institutions (e.g., the Catholic Church and Mormon Church) and religious individuals/family offices look for investments that are compliant with their religious views.  For example, consider Omar Bassal, head of asset management for MASIC, a shariah-compliant family office based in Saudi Arabia.  He structures investments in public equity, private equity and real estate to comply with Islamic restrictions regarding business activities and interest, among other things. At the hobby end of the spectrum, some investors buy Berkshire Hathaway stock just to get an invitation to their annual meeting.  This is also true of those who put money into art, wine, jewelry, antiques, stamps, or even a sports team. These investments are often more for personal utility than financial investments. We see empty nester Baby Boomers in the West and nouveau riche in Russia and China driving up the value of these “passion investments.”