Research Review: Moral courage

Rob Hamshar  |  Portfolio Construction Forum  |  19 June 2025  |  1.50 CE

As Nassim Taleb wrote in Skin in the Game “Courage is the only virtue you cannot fake”. In an industry saturated with greenwashing, woke-washing, whitewashing, and other flimsy appeals to our ethical sensibilities, the cultivation and demonstration of moral courage is a true differentiator and arguably the most critical virtue for upholding high ethical standards and building societal trust.

Maintaining the ethical standards of our organisations, and of the investment and wealth industry as a whole, requires that we hold ourselves and each other accountable for our ethically-rele...

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