Let's use an aeronautical analogy. We can think of investing as being subject to headwinds and tailwinds: headwinds come into your face and retard your progress, while tailwinds come from behind and speed you on your way. Part of the skill of investing is to find the tailwinds and avoid the headwinds. For example, the old saws,'don't fight the Fed' and 'cut your losses' tell us to steer clear of the headwinds of monetary policy and momentum.
The problem for ethical investors is that there are three headwinds acting against them: