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Investing in a company that produces a product/service with which you have moral objections simply for the return would be probably be immoral (if you were planning to effect a corporate change as well, it might not be).
Otherwise, investing in most companies is no more immoral than buying a large house in the suburbs and commuting 30 miles to work every day. The extremist moralists/environmentalists will point out that in doing so, you are shirking your moral responsibility to share your wealth to make the world a better place for the less fortunate, and are creating more pollution than if you lived closer to work, in a smaller space that was more energy efficient.
So I don't see any more need to concern myself morally about my investments than I do about the fact I bought a doughnut for my break when I could have used the money to feed a hungry child somewhere.
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The secret to great marksmanship is deciding what the target was AFTER you've shot.
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