Ideas, perspectives, and field-tested insights from the IEL team
What if we stopped thinking of investments as one-dimensional choices between risk and return—and instead asked what our capital actually does in the world? In this short piece, IEL CEO Terry Keeley explores a simple thought experiment that reveals a powerful truth: when risk and return are equal, impact becomes the deciding factor. At IEL, we call this “investing in 3-D.” This article offers a foundational perspective on how investors can align financial goals with social and environmental outcomes—one decision at a time.
In uncertain times, what moves capital? IEL co-founder Rob Brown reflects on what it takes to attract long-term investment when the markets are jittery and investor attention is fragmented. Drawing from decades in global finance, he makes the case that beyond spreadsheets and trendlines, capital responds to rhythm—what he calls “swing.” It's the combination of substance, timing, and human intuition that gives investment ideas momentum. For those building funds or enterprises with purpose, this piece offers a compelling look at what really motivates capital when the music gets complicated.
Written in the wake of the 2008 financial crisis, Eye of the Needle offers a thoughtful examination of the financial industry's moral failings and the personal reckoning that followed. Drawing on history, economics, theology, and lived experience, Terry Keeley reflects on the responsibilities of those who work in finance — and what it means to align professional ambition with a deeper sense of purpose and service.
In a thought-provoking reflection on the evolving role of capitalism, this piece explores how companies can—and must—align profitability with purpose to drive sustainable impact. Highlighting Adidas’ successful transformation through ocean plastic recycling and circular product design, the author argues that when businesses operate within legal and ethical guardrails, as Milton Friedman originally emphasized, they can contribute meaningfully to the common good. For capitalism to remain a force for shared prosperity, it must adapt to shifting consumer values while maintaining financial viability. The path forward isn’t about abandoning capitalism—it’s about practicing it mindfully.
Values-based investing isn’t new—and it’s not a fringe idea. From the Methodist Church to Milton Friedman, individuals and institutions have long made investment decisions aligned with their beliefs. So why has the conversation around ESG become so fraught? This post takes a historical and musical journey through the roots of values-based investing, the rise (and missteps) of ESG, and why many investors are turning toward the more grounded, results-driven path of impact investing. As Boston once said, it has to be more than a feeling.
Despite the political noise, this might just be the golden age of impact investing. In this post, IEL’s Chief Research Officer Rob Brown argues that today’s challenges are a clarifying moment—not a crisis—for investors seeking both returns and real-world impact. Drawing lessons from past market cycles (and a few great music references), Rob makes the case for why high-quality, mission-driven companies are poised to lead the next wave of value creation.
As impact investing moves from the margins to the mainstream, a new generation of students is seeking careers that align their values with their professional ambitions. In this piece, Rob Brown reflects on the growth of the field and how the new Impact & Prosperity Epicenter at the University of Utah is helping launch the next wave of impact leaders—by offering students not just education, but community, purpose, and a clear path to meaningful work.
How do we separate real impact from good marketing?
This white paper introduces the Impact Authenticity Score (IAS)—a rigorous, third-party framework developed by IEL to assess how authentically and effectively impact funds pursue their stated goals. Based on a pilot evaluation of 17 leading funds across asset classes, the IAS provides a powerful tool for increasing transparency, measuring performance, and connecting capital with strategies that deliver on both impact and financial outcomes.
With decades of experience as an economist and investor on Wall Street, Robert Brown brings a rare blend of rigor, perspective, and candor to the evolving field of impact investing. In this wide-ranging interview, Rob unpacks common misperceptions about ESG and impact, explains why measurement is a public good, and shares what it takes to build trust between Wall Street and the impact community—plus advice for the next generation of investors ready to align values with capital.
Volatility. Sharpe ratios. Factor exposures. Peer rankings. Tracking error. All these metrics are helpful tools for evaluating one's portfolio — but are they enough? In an era when finance and business are increasingly asked to help resolve social and environmental problems rather than exacerbate them, a growing number of investors want to measure one thing more: impact.
In Sustainable, a finance-industry veteran offers an insider’s look at the promises, prospects, and perils of ESG investing. Keeley provides comprehensive solutions that would promote more inclusive, sustainable growth. In particular, he recommends reallocating capital from some indexed products toward an emerging class of strategies with more verifiable social and environmental benefits. Keeley identifies dozens of alternative “impact investing” strategies that could generate true double bottom lines.
