God vs. Satan: Who's the better investor?

The market is amoral and agnostic. It has no interest in your virtues or vices or God, except insofar as they help make money. But just as morality and faith have taken a larger role in all of American life, so are they also playing an increasingly prominent role in investing. For the secularly progressive, there are socially conscious mutual funds. Jews may be partial to Israel bonds. Thrivent Financial for Lutherans, which sounds like the setup for a Garrison Keillor one-liner, offers more than 20 mutual funds. Putting money to work in ways compatible with your overall worldview is clearly appealing to growing numbers of investors.

And this has produced a very odd market anomaly: Both virtue and vice seem to be increasingly effective investing strategies. God and Satan are both winning on Wall Street. In recent years, people who have invested in a particular brand of virtue—the Ave Maria Catholic Values Fund—and people who have invested in a particular brand of vice—the Vice Fund—have both handily beaten the market.

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