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.