The Returns of Satan’s Portfolio

by Johnny Debacle

A reader email prompted this entry in our favorite anonymous Private Equity blog with “Going” in the title:

A loyal reader, “S,” joins with me in frowning on “social investing,” and backs up the collective distaste in our mouths with some interesting data on portfolios borrowed from the always entertaining Long or Short Capital. Long or Short’s semi-famous “Satan’s Portfolio” is the hedge against the Pax World Funds nonsense, and a good thing too. Looking at the graphic S forwarded me, it is pretty obvious that “investing” in Pax World Funds amounts to giving your money to charity, but without the tax deduction.


Here is a small version of the graphic that was submitted. We recommend clicking through to see the full chart. In this small version, the flesh colored arrow points to the line of PAX’s returns over the last 5 years. Notice how it is well below all the other lines; that is bad.

While this is only a partial demonstration of Satan’s Portfolio, we continue to believe in the strength of the investing thesis that backs it. Long Satan(‘s portfolio), short “social investing.”

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