To what extent do you view your investing life as an extension
of your personal life?By that I mean to what extent do the personal morals and ethical values
of Tim the
man govern the investing decisions
of Tim the dividend growth investor?If you ask your typical dividend growth investor if they would be willing to invest in a lucrative but immoral venture, say selling child pornography or crack cocaine, the answer would probably be «absolutely not» regardless
of the yield, valuation or growth prospects
of the underlying venture.And yet, ask that same investor what their thoughts are about Phillip Morris and they would probably describe what a wonderful investment it is and go on about why you should own it.Do your personal morals ever come into play when buying companies, or do you compartmentalize your conscience, wall it off from the part
of your brain that thinks about investments, and make your investing decisions based on the financial prospects
of the company?The reason why I'm asking is that I keep identifying stocks
of companies that I love from an investing
perspective but despise on a human level.I can not in good conscience own any piece
of Phillip Morris knowing the impact that smoking related illness has on the families
of smokers.You might say that the smoker made his choice to smoke so you don't mind taking his money, but his children never made that choice and they are the ones who will suffer when he
dies 20 years too soon.
Weiblichkeit im Surrealismus, Kunsthalle Bielefeld, Bielefeld, Germany The Promisse
of Photography, Schim Kunsthalle, Frankfurt, Germany Collaboration with Parkett, 1984 to Now, The Museum
of Modern Art, NYC, NY, USA Audit, Casino Luxembourg, Luxembourg 24 h International Biennale
of Graphic Arts, Ljubljana, Slovenia World Without End: Aspects
of 20th Century Photography, Art Gallery
of New South Wales, Sydney, Australia Melodrama, Tate Gallery, Liverpool, UK Trauma, Hayward Gallery in collaboration with Dundee Contemporary Arts, London, UK Australian Art and Society 1901 - 2001, National Gallery
of Australia, Australia 2000 12th Biennale
of Sydney, Art Gallery
of New South Wales, Sydney, Australia Deep Distance -
Die Entfiernung der Fotografie, Kunsthalle Basel, Switzerland Veronica's Revenge, Contemporary
Perspectives on Photography, Museum
of Contemporary Art, Sydney, Australia Photography Now, Contemporary Art Center, New Orleans, USA Flight Patterns, Museum for Conternporary Art, Los Angeles, USA Behind ihe Scenes, The Museum
of Contemporay Photography, Chicago, USA Presumed Innocent, capc Musée d'Art contemporain de Bordeaux, France Artist Films, Kunstverein München, Munich, Germany 1999 Konstruksjon eller virkelighet, Lillehammer Kunstmuseurn, Lillenhammer, Norway La Casa, il Corpo, Il Cuore, Museum für Moderne Kunst, Stiftung Kunst, Vienna, Austria Wohin kein Auge reicht, Deichtorhallen, Hamburg, Germany Das Versprechen der Photographie (The Promise ofPholography), Selections from the DG Bank Collection, PS 1 Contemporary Art Centre, New York Kunstwelten im Dialog, Museum Ludwig, Köln, Germany Nuevas Visiones, Nuevas Pasiones, Fundación Marcelino Botin, Santander, Spain 1998 Family Viewing, Museum
of Contemporary Art, Los Angeles, USA Portraits, Paul Morris Gallery, New York, USA Echolot, Museum Fridericianum, Kassel, Germany
Die Nerven enden an den Fingerspitzen,
Die Sammlungen Wilhelm Schurmann, Kunsthaus Hamburg, Germany Strange Days: Guinness Contemporary Art Exhibition, Art Gallery
of New South Wales, Sydney, Australia Nature
of Man, Lund Konsthall, Lund, Sweden «Roteiros» x 7 XXVI Bienal de São Paulo, São Paulo, Brazil Life is a bitch, De Appel Foundation, Amsterdam, Netherlands Pusan International Contemporary Art Festival, Pusan, Korea Fleeting Portraits, Neue Gesellschaft für bildende Kunst, Berlin, Germany 1997 Venice Biennale, Venice, Italy Site Santa Fe, Santa Fe, New Mexico, USA 1996 Fundacao Bienal de São Paula, São Paulo, Brazil» Campo 6», The Spiral Village, Museum
of Modem Art, Torino, Italy Jurassic Technologies Revenant, 10 th Biennale
of Sydney, Australia Prospect 96, Schirn Kunsthalle, Frankfurt, Germany 1995 Antipodean Currents, The Guggenheim Museum (Soho), New York, USA»95 Kwangiu Biennale, Kwangju, Korea