Our “Proud to Own” process at Faith-Based Investorinvolves four steps:
1. Avoid companies that violate your faith and values. Some of the types of companies we can avoid include those involved in:
2. Seek out those companies that complement your faith and values. This involves finding companies:
3. Diversify your holdings. This involves buying stocks, bonds, alternative investments like gold, silver, and oil, and cash investments. By diversifying your risk, we help you gain peace of mind and potentially higher rates of return.
4. Actively manage your portfolio. We have selected one of the Leading technology platforms to manage your assets. FolioFN, helps us provide you with personalized portfolio solutions. No cookie cutter advice for our clients.
Men’s Wearhouse chief executive George Zimmer, was made famous with his “I guarantee it” catchphrase. Recently he donated $50,000 to the “Yes on 19” campaign. The campaign supports the Proposition 19 ballot measure that would legalize recreational amounts of marijuana and allow local governments to tax and regulate sales of the drug.
This brings to light a couple of key issues.
- Currently we do not screen for companies advocating the legalization of marijuana. Should we yes or no?
- We have no indications Men’s Wearhouse, as a corporation donated any money to support proposition 19. We only have evidence that their founder did. As a public spokesperson should we care what an owner/founder/CEO or key insider does with his or her free time? They represent the company, but a person and corporation are two separate entities.
What are your thoughts, we’d love to hear…
Should their owner’s stance on legalizing marijuana disqualify Men’s Wearhouse as a “proud to own” company?
Though we do not agree with the politics of the founder, Mr. Zimmer. We see no moral violations in their corporate donation policies. In fact, we actually like how they give back:
“Men’s Wearhouse donates millions of dollars worth of our slow-moving merchandise to nonprofit organizations (nationwide) that have programs aligned with our initiative to help men striving for self-sufficiency. The nonprofit organizations that receive our merchandise must meet these criteria:
. They must be an organization described in Section 501(c)(3) of the Federal Internal Revenue Code, and/or exempt under Section 501(c)(3), and not a private foundation (other than an operating foundation described in Section 4942(j)(3)).
. The goods will be used in compliance with IRC Section 170(e)(3) and Reg. Sections 1.170A-4A(b)(2) and (3).
. The Mission Statement of recipient nonprofit organization must include providing wardrobing services, career development, and/or job placement to the male population described below:
Former Foster Care youth
Recovering substance abusers
. The nonprofit organization must have proof of adequate storage space and security for donated merchandise.
The clients served by the nonprofit organization must not be required to attend religious services in order to benefit from receiving donated merchandise.”
They also do not support advancing the homosexual agenda:
“Other companies given lower scores for their unwillingness to sign onto the “gay” agenda include Reebok, Northwest Airlines, The Men’s Wearhouse, J.C. Penney, Abercrombie & Fitch, Nissan, Dun & Bradstreet, Gallup, Ben & Jerry’s, Kroger, Progressive, Ball Corp., Cooper Tire, Dow Jones, Circuit City, Radio Shack and Toys ‘R’ Us.”
Yet after some digging, it looks like MW corporate is also the Oakland store closing, standing with the “Occupy Wall Street” movement. On their Facebook page:
We closed our store near Oakland City Hall today, for one day, to express the company’s concern for the issue of wealth disparity in our country. The issue affects our employees and customers across the political spectrum.
What are your thoughts given all this info?