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135 pages

English

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This book is both timely and timeless.In God We Trust delves deeply into current economic and market developments and reflects on how U.S. prosperity has returned in 2018, as capitalism has again been unleashed. The author says, "What a relief after eight years of economic stagnation and government over-regulation." Oddly, as the U.S. economy has benefited from pro-growth policies, like tax rate cuts and deregulation, there exists a rising tide of sympathy for socialism among leftist politicians and young people. This timeless divide between capitalism and socialism is explored within the context of the economic and moral ramifications for society in general and long-term investors, specifically. Readers with historical perspective will appreciate the logic of what should be obvious, i.e. that socialism has never worked anywhere on earth. Or aptly put by President Ronald Reagan, "Socialism can only work in two places, heaven where they don't need it, and hell where they already have it." This book is about participating in the capital markets while avoiding morally objectionable businesses. As a lover of the free enterprise system and a portfolio manager, George Schwartz chronicles how Morally Responsible Investing is helping long-term investors put their money to work in accordance with their moral beliefs. His firm manages Ave Maria Mutual Funds, which were founded in 2001. These pro-life and pro-family mutual funds have attracted over 100,000 shareholders, who have invested more than $2.2 billion in five separate award-winning mutual funds.

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Publié par	TAN Books
Date de parution	18 avril 2019
Nombre de lectures	0
EAN13	9781505113471
Langue	English

Informations légales : prix de location à la page 0,0600€. Cette information est donnée uniquement à titre indicatif conformément à la législation en vigueur.

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In God We Trust
GEORGE P. SCHWARTZ, CFA
with MICHAEL O. KENNEY, JD
forword by LOU HOLTZ
TAN Books Charlotte, North Carolina
Copyright © 2018 George P. Schwartz
All rights reserved. With the exception of short excerpts used in critical review, no part of this work may be reproduced, transmitted, or stored in any form whatsoever without the prior written permission of the publisher.
Scripture texts in this work are taken from the New American Bible, revised edition © 2010, 1991, 1986, 1970 Confraternity of Christian Doctrine, Washington, D.C. and are used by permission of the copyright owner. All rights reserved. No part of the New American Bible may be reproduced in any form without permission in writing from the copyright owner.
Excerpts from the Catechism of the Catholic Church for use in the United States of America © 1994, United States Catholic Conference, Inc.—Libreria Editrice Vaticana. Used with permission.
Cover design by Greg Malcolm
ISBN: 978-1-5051-1346-4
Library of Congress Control Number: 2018958391
Published in the United States by
TAN Books
PO Box 410487
Charlotte, NC 28241
www.TANBooks.com
Printed in the United States of America
For Judi Pearl – The Wind Beneath My Wings
CONTENTS
ACKNOWLEDGEMENTS
FOREWORD BY COACH LOU HOLTZ
INTRODUCTION
Why Morally Responsible Investing?
CHAPTER 1 – Faith, Friends, & Funds
CHAPTER 2 – The Heart of the Matter
CHAPTER 3 – A Lifetime Preparing
CHAPTER 4 – Abortion
CHAPTER 5 – Pornography
How Does This Work?
CHAPTER 6 – Morally Responsible Investing
CHAPTER 7 – Faith & Reason
PHOTO GALLERY
CHAPTER 8 – A Clear Principle of Wisdom
CHAPTER 9 – Good Returns
What Are the Next Steps?
CHAPTER 10 – From Many One
CHAPTER 11 – Sound Advice
CHAPTER 12 – In Memoriam
CHAPTER 13 – The Best Way Forward
APPENDIX A – In God We Trust by Michael Novak
APPENDIX B – Discussion Questions
REGULATORY LEGAL DISCLOSURES
INDEX
ACKNOWLEDGEMENTS
In 2001, my friends Tom Monaghan and Bowie Kuhn provided the inspiration and support for me to start the Ave Maria Mutual Funds. At that time, I never dreamed our mutual fund complex would grow to its present size of over $2.2 billion in assets with 100,000+ shareholders. Tom did, however, because he is a genuine visionary. It is now the largest family of Catholic mutual funds in the country. Tom has been enormously successful in numerous business and philanthropic endeavors, including Domino’s Pizza, Detroit Tigers, Ave Maria University, Legatus, Spiritus Sanctus Academies, Ave Maria School of Law, Ave Maria Radio, and building the cathedral in Nicaragua. An outspoken and passionate advocate for the unborn, Tom has had a gigantic positive influence on my life, especially spiritually.
My career in managing investments has spanned 50 years. During that time, I have worked with many fine individuals. Early in my career, I was blessed with the influence of my father, Walter G. Schwartz, my mother, Marian V. Schwartz and my brother, Gregory J. Schwartz. Over those same 50 years, my wife, Judi, has been a pearl of great value and the guiding light of my life.
I started Schwartz Investment Counsel, Inc. in 1980. Richard L. Platte, Jr. is the President and has been with the firm since 1987. Rick is a brilliant, hard-working colleague and friend, who is the most well-read person I know. He also helped edit this book. Additionally, all five of my children, Annie, Mike, Tim, Bob and Katie are employed at the firm. What a joy it is to work with these highly-educated and talented individuals. We also have many other gifted analysts, portfolio managers and operations people, who make up an incredible team of professionals, all of whom take their fiduciary responsibility very seriously.
After my last book was published in 2010 – Good Returns, Making Money by Morally Responsible Investing – I was sure my book-writing days were over. It’s hard to write a book, at least for me it is, especially while running a mutual fund management firm. If not for my collaborator, Michael Kenney, this book would never have come together. He is a gifted writer, educator, and attorney. This book started out as simply an updated version, or a second edition of Good Returns . But at the suggestion and with the enormous help of my colleague and son Bob Schwartz, In God We Trust goes much deeper into the subject of Morally Responsible Investing.
George P. Schwartz, CFA JULY 2018
FOREWORD
One of my favorite sayings is, “Nothing on this earth is standing still. It’s either growing or it’s dying.” In God We Trust chronicles a growing movement of investors who seek to persuade corporate America to adopt policies that respect the dignity of every human being from the moment of conception. Eight years ago, I wrote the foreword to Good Returns , the book that introduced the concept of Morally Responsible Investing. I’m pleased to be a part of this sequel. As you will see, this remarkable story continues to unfold with impressive results.
In this easy to read book, you will learn how Schwartz Investment Counsel, Inc. identifies high performing companies that do not participate in, contribute to, or support abortion or pornography. This is an inspiring story filled with practical advice and wise insights.
In 2001, George Schwartz, CEO of Schwartz Investment Counsel, Inc., together with Tom Monaghan, founder of Domino’s Pizza, and the late Bowie Kuhn, former Commissioner of Major League Baseball, launched a series of investment vehicles known as the Ave Maria Mutual Funds. These funds provide investors with an opportunity to invest in a manner consistent with their faith.
When George’s firm invests in a company, he sends a letter to the company’s CEO emphasizing that Ave Maria Mutual Funds invested in the shares of that company because of its strong investment merits and because of its absence of ties to abortion and pornography. The letter concludes that if these attributes cease to exist, the shares will be sold. I admire this clarity and professional candor.
George, a life-long Catholic (and a big Notre Dame fan), is a registered investment adviser with a half century of investment experience. George has done an outstanding job of growing these pro-life mutual funds, which now exceed $2 billion in assets, with a serious effort that comes from a deep moral commitment. He and his team have a great work ethic (teamwork and work ethic are things I know something about). These guys have a sophisticated investment approach, and they are highly focused. They don’t spend much time on the golf course — no time for that. In one of my own books, Wins, Losses, and Lessons , I wrote, “I would never hire a guy who keeps golf clubs in the trunk of his car.” George doesn’t — believe me, I’ve played with him — perhaps that’s why the investment performance has been so good. George and his team of professionals have made a lot of money for me personally through the Ave Maria Mutual Funds and they’ve done it in a morally responsible way.
Lou Holtz JULY 2018
INTRODUCTION
Wise investment management is a moral imperative. Why? Because prudent investing is essential to meeting future needs and community needs, particularly through charitable giving. But there is another, perhaps more subtle moral dimension. When we invest in a company, we become an owner, and our investment contributes to the company’s success. Are we comfortable with what we own? Does the enterprise reflect our core beliefs? If not, what opportunities exist to invest in a manner that does reflect these beliefs?
This book is about participating in the capital markets in a purposeful, reasoned, and ethical way to achieve legitimate investment objectives and avoid morally objectionable businesses. In these pages, I will acquaint you with an approach to prudent and profitable investing that can help provide for your future, accumulate reserves for charitable giving, and achieve other financial objectives.
Investing is a critical component of financial management carrying with it the obligations of productivity and the exercise of sound judgment. My methods are based on well-established investment practices that are ethically valid, entirely practical, and financially astute. I will include real life investing outcomes to illustrate my assertions.
It would be silly to claim that only good, moral, and religious people can succeed at investing. There are numerous examples of dirty rotten scoundrels who have made killings in the stock market. Yet, there is a relationship between conviction in spiritual matters and acumen in analyzing investment opportunities. That relationship lies primarily in two areas: (1) an ability to see beyond surface features; and (2) a willingness to dedicate oneself to disciplined practices over time.
By what authority do I offer advice on morality? I am not a priest, rabbi, or theologian. I’m a grateful Catholic convinced by the truth, beauty, and goodness of the Catholic Church. While I do not speak for the Church, I draw from the Catholic intellectual tradition and the Judeo-Christian tradition.
My primary credential for offering advice on Morally Responsible Investing is that with the help of my colleagues and the Catholic Advisory Board, my firm started and manages the Ave Maria Mutual Funds — the world’s largest family of Catholic mutual funds, now exceeding $2 billion in assets. The Catholic Advisory Board consists of individuals distinguished by their commitment to truth, excellence, and the Catholic Faith.

AVE MARIA MUTUAL FUNDS
There are five different mutual funds, each with a particular investment focus:
Ave Maria Value Fund – AVEMX ( MAY, 2001 ) (formerly Ave Maria Catholic Values Fund) Companies believed to be undervalued relative to their intrinsic worth .
Ave Maria Growth Fund – AVEGX ( MAY, 2003 ) Mid-cap and larger companies offering above-average potential for growth in revenues, profits, and cash flow .
Ave Maria Bond