Beyond the Headlinesby James Frazier

The New RevolutionIt’s official: The genie is out of the bottle. Humanity is waking up and starting to create a new world, a new way of life. The light of new awareness is shining into places that have been dark for ages, bringing with it justice and a renewed sense of hope. Yet, big change inevitably shakes the foundations of old structures, forcing us out of our comfort zones in order to adapt and evolve. Fortunately, as it turns out, adapting

and evolving is what humans do best. We are already rising to the challenge beautifully.

2011 was a year for the history books. The tsunami that struck Japan in March was certainly a harbinger of the rapid trans-formational change to follow. Protests and revolutions swept around the world as peoples’ willingness to accept ongoing injustice and inequality came to an abrupt end. Amazingly, the catalyst that sparked all of this was the self-immolation of a single man, a Tunisian street vendor named Mohamed

Building Sustainable Communityby Malaika Maphalala

Exploring LocavestingI recently finished reading Amy Cortese’s new book, Locavesting – The Revolution in Local Investing and How to Profit From It. It’s a great read on the development of the movement to build more resilient and sustainable commu-nities by investing in our local economies. Locavesting takes the Buy Local movement to the next level – Invest Local – and poses the question: what if everyone invested 5-10% of their assets in local and community investments?

As Cortese shows, Local Investment offers many potential benefits. For one, it provides another category of portfolio diversification as protection against the increasingly volatile stock market. Investing in local communities is investment on a human scale and can restore a sense of personal connection to financial transactions that has been lost in the complex, impersonal investments of today’s financial markets. And, it encourages us to broaden our concept of returns beyond just financial.

Investing in small, community-rooted businesses is investing directly in the health of our communities and provides a vital boost to the kinds of businesses that are the true drivers of our economy. Small businesses make up 99% of all U.S. companies, employ half of all private sector employees, provide two of every three new jobs created, and contribute half of private GDP – about 5.5 trillion dollars annually. Money spent and invested in these businesses circulates within local communities, contributing to their prosperity. Cortese points out that “commu-nities with a diversified economy comprised of many locally owned businesses have a higher quality of life, civic engagement, and income equality than similar communities that are reliant upon a few large employers.” Without strong local economies, we can’t expect to have a functioning global economy. And yet despite the fact that small businesses far outstrip large corporations in job creation and

InsIde thIs IssUe

Making a DifferenceMoney is Not Free Speech

Michael Kramer, page 3

Holistic SolutionsExpanded Definition of Happiness

Christopher Peck, page 6

What’s Up on Wall Street2011: A Look Back...and Forward

Scott Secrest, page 7

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driving economic growth, they’re being increasingly starved of capital, seriously hampering our economic recovery.

Locavesting provides a superb history of the financial markets, outlining how we’ve arrived at the mess we’re in today. As the public markets have grown and moved toward extremely high frequency and speculative trading, large companies have been favored, resulting in a shrinking pool of small companies and a serious drop-off in new Introductory Public Offerings (IPOs) which historically have been the number one way for small companies to raise capital for innovation and expansion. Today, just 1% of the trillions of dollars flowing through the stock markets is sending investor dollars into the coffers of small or growing companies when they issue new stocks or bonds. (The remaining 99% is trading of existing shares on the stock market.) While most investors will continue to have significant holdings in larger companies, public markets are no longer the place for small companies to raise money and for investors to invest in them for the long term. Compounding the failure of public markets to support small businesses, large banking institutions, which now hold the lion’s share of all depositors’ money, have cut their lending to small business down to a mere trickle. Without capital to grow, small business cannot play its critical role in the economic health of our communities.

Clearly, there’s a need to get money into small businesses. But confoundingly, it’s not so easy for the average investor to choose to put their money into local economies. Cortese points out a number of serious hurdles that get in the way. Most significantly, securities laws, originally created to protect individual investors from scams, have become a tangle of regulation that make it very difficult or outright illegal for businesses to take investments from average investors, including their customers, friends, and neighbors. As she puts it, “it’s easier for an individual to invest in a company halfway around the world than in a small enter-prise down the street.”

And yet, despite the hurdles, Cortese identifies the most accessible ways for investors to begin investing locally and takes readers on a tour of some exciting models of local investment happening around the country. The easiest, least risky way for investors to invest in small business and community is simply by moving their money into a Community Bank or local Credit Union. These smaller insti-tutions invest within their communities and lend to small businesses at a much higher rate than the big banks. She notes that if just 10% of money currently held in big banks were moved to community banks, it would generate up to $4.8 billion in new local lending. Wisely, Cortese directs readers to check up on the health of a community bank when choosing a new institution by using an analysis tool

available on the Move Your Money site (www.moveyour-money.info). She also points readers toward Community Development Financial Institutions (CDFIs), institutions that focus on making small business loans in low income and underserved communities. Natural Investors already partic-ipate in this type of community investment through Calvert Foundation’s Community Investment Notes.

Beyond these simple steps to engage in local investing, Cortese takes us on a walk on the wild side, sharing wonderful stories of communities and small companies doing some very creative things in support of local investment. All of these efforts fit within the few narrow openings within securities laws. It’s here that we get to hear the story of LION – the Local Investment Opportunity Network started in Port Townsend (with the help of Natural Investments’ very own James Frazier), and several other examples of community members coming together to invest in local businesses where they have personal relationships. She also introduces us to Crowdfunding, the Slow Money movement, Local Stock Exchanges, and the use of the Direct Public Offering, nicknamed the Do-it-Yourself IPO.

Cortese’s book is chock full of great stories, interesting tidbits of history, and hopeful developments for a revolution in Local Investment. For those interested in participating in this burgeoning trend, Locavesting is a must-read.

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Money is Not Free Speechby Michael Kramer

You may recall the Citizens United Supreme Court case two years ago declaring that corporations are people entitled to protection of the first amendment right to free speech by way of their political contributions. The ensuing flood of corporate money into the electoral system may seem to most Americans like business-as-usual, but the truth is that such influence does impact the decisions that are made in Congress. Infamous former lobbyist Jack Abramoff joked on 60 Minutes recently, “I was actually thinking of writing a book - The Idiot’s Guide to Buying a Congressman.” While the buying of political influence is not illegal, it’s standard practice in Washington because it works, which is why so many corporate lobbying firms include former government officials on their payrolls (Newts for hire!).

While Americans may have been living with this for decades, the frustration about the Congressional fox watching its own henhouse is drawing greater scrutiny in recent months.

For example, the Securities and Exchange Commission ruled that shareholder resolutions which present a “signif-icant social policy issue” are not excludable even if they may otherwise intrude on ordinary business. This came in response to Home Depot’s refusal to consider share-holder requests to disclose political contributions, which they claimed were free speech rather than business decisions. While shareholders continue their efforts to make political contributions trans-parent in corporations across the country, others are going further, aiming not only to overturn the Citizens’ United case, but to define the bound-aries of corporate personhood through an amendment to the United States Constitution.

Any sane person knows full well that corporations are not individuals but entities with specific economic interests. While management of such firms may desire to peddle their influence for some sort of corporate gain, the truth is that all the individuals who work at such a company do not have the right to exercise

their vote on such matters, nor do shareholders as the company’s owners.

As such, the advocacy group “Business for Democracy,” sponsored through the American Sustainable Business Council, is among the groups that have crafted a “Free Speech for People” resolution, which has already been signed by the Calvert and Domini SRI funds:

We believe in the American democratic ideal of “government of the people, by the people, for the people.” We believe the U.S. Supreme Court’s decision in Citizens United v. FEC, which allows corporations and other entities to spend unlimited money influencing the outcome of public elections, is inconsistent with longstanding American democratic principles and practice. Despite the Citizens United ruling, we oppose the unrestricted and undisclosed use of funds by corporations to influence the outcome of public elections. We urge all entities to act with restraint and full transparency to ensure that public elections reflect the will of citizens. We support efforts to overturn Citizens United through an amendment to the Constitution in order to protect our democracy, which is government by the people.

There are currently two bills in Congress that address this issue, one in the House by Representative Ted Deutch (D, FL) that would ban corporate money in politics and

corporate “personhood.” The amendment, “Outlawing Corporate Cash Undermining the Public Interest in our Elections and Democracy” (OCCUPIED), would overturn the Citizens United decision, re-affirming the right of Congress and the states to regulate campaign finance laws and to outlaw for-profit corporations from contrib-uting to election campaign activities.

The other is a bill for a constitutional amendment in the Senate introduced by Senator Tom Udall (D, NM) that would overturn Citizens United. It now has eighteen Democratic cosponsors. Both bills have been referred to their respective chamber’s Judiciary Committee. Keep in mind that polls show that over 80% of Americans oppose the Citizens United ruling, but a constitutional amendment of this sort will surely face steep Republican opposition. Even if it should pass Congress with a two-third majority, three quarters of

state legislatures would also need to ratify the amendment for it to be enacted, a daunting reality.

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Bouazizi. He had experienced so much repression and so little economic opportunity that he must have felt that making the ultimate statement was more important than continuing in his oppressive conditions. His act resonated far and wide, and inspired millions, toppling multiple regimes. As of this writing, we have yet to know the full effects of this single powerful act.

We might draw some powerful lessons from this. One person can trigger incredibly potent change by making a break from the status quo, standing up for what is right in the face of what is wrong. Millions of people doing this together change history. This simple fact is not lost on people! The power of the people to fundamen-tally change their society’s power structures is reasserting itself in a new and unprecedented worldwide revolution.

This social revolution is being fueled by the rapidly evolving internet revolution that has enabled nearly cost-free instantaneous global communications. Practically unheard of ten years ago, social networking web sites are empow-ering massive spontaneous ad-hoc organizations, such as protest movements, and widespread sharing of knowledge. News, which was formerly delivered through heavily filtered for-profit corporate media, is now shared widely person-to-person through Facebook and alternative media such as the Huffington Post. Smart phones, tablet computers, and telephony programs like Skype are quietly bringing video conferencing to the masses. Wasn’t there supposed to be a big announcement about how these revolutionary technologies have arrived and will now change our lives? Instead, they’ve gradually and inexorably infiltrated into our daily lives, connecting us with each other into wider, more aware and interconnected networks almost without us noticing. The groundwork is still being laid – and this revolution is just beginning!

None of this is to declare some sort of premature grand victory. There have been many tragedies along the way, and there’s no reason to believe that there won’t be more. In this new revolution, the key is to realize that these tragedies are “teachable moments” that we can collectively learn from. For example, we can look at the misguided U.S. wars of the past decade and call them unmitigated disasters, or we can note that the military adopted a novel strategy in these wars: training our troops to be cultural diplomats, working to win local hearts and minds, and protecting civilian life. We

can look at gridlock in the U.S. government and decry how little has been accomplished during a time of great need, or we can acknowledge that national deficits and debt are being taken seriously for the first time in a generation, as our government finally understands that the old ways of doing business aren’t working anymore.

The biggest challenge of witnessing and participating in this new revolution is how long it takes to unfold. Imagine watching a time lapse film that reveals a rapidly changing planet Earth over the course of years and decades. All of the daily dramas that capture our short attention spans would fade away to reveal the truly significant shifts that are

changing the course of history. We would notice climate change, rising sea levels, melting ice caps and glaciers. We would see massive human demographic shifts unfold as our populations swell, especially in big cities and in Asia. We would notice economic activity spreading more evenly around the world, reaching for the first time into previously forgotten areas.

The expansion of economic activity and wealth into emerging regions of the world is a crucial aspect of this long revolution. Asia was the

world’s center of economic power for well over a thousand years until Europe took the lead during the colonial era. After World War II’s massive industrial buildup, the U.S.A. took over from Europe while pioneering the technological revolution. Now, a great rebalancing is under way, as Latin America, the Middle East, and Asia are all experiencing rising fortunes. They are bringing billions of people out of deep poverty in the process, something that is without question good for humanity and the world. As for the U.S.A., we have less than 5% of the world population, while consuming about 19% of the world’s energy, and capturing around 27% of the world’s income. Unless you believe that we work between four and six times harder than everyone else in the world, and deserve many times as much energy and wealth as everyone else, you can recognize that there are some acute imbalances here.

These imbalances are already working their way out, and will continue to do so in the coming years. The economic activity of the U.S.A., as measured by conventional yardsticks such as consumption of material goods and fossil fuels, is likely to plateau or decline as more people in the world claim their fair share of our planet’s abundance resources. However, our quality of life as reflected by our own happiness and

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well-being need not decline at all! As behavioral economists, psychologists, and other researchers increasingly study the causes and results of happiness, they are proving what many have known all along: humans are social creatures that derive their deepest satisfaction from relationships with one another and their life experiences, while gaining very little ongoing happiness from consumption. Instead, we might consider working on building relationships within our communities, expanding our local economies, and increasing both self-sufficiency and our interdependence on personal, local, and regional scales as investments in our common future. We could experience much greater satisfaction with our quality of life than under the old materialistic paradigm.

The job of social transformation can be done with less money and more time than we are used to having, which is good because our younger generations have exactly that, little money and lots of time. They urgently need to find a fulfilling life’s purpose while growing up in an obviously stumbling economy and gridlocked political system. Having been raised in the midst of the fast-paced internet revolution, they are hyper-connected: as aware of the shortcomings of our old institutions as of their own steadily developing potential as the first digitally-unified worldwide generation in history. As the largest demographic in our country since the Baby Boom, they have immense collective energy, and ultimately, their energy will be needed to get us all through. Far from being just technologically oriented, this multicultural generation is very engaged in the creative arts, sustainable agriculture, and all kinds of collaborative, solution-oriented projects. We should all be supporting, mentoring, and

listening to this generation, and investing our time, energy, and money in their education and ideas, because they are our future.

During the depths of the financial crisis a few years ago, I wrote in this newsletter, “What really shakes us to our core is the thought, the mere possibility that ‘The end of the old way of doing things is here. Things will never be the same again.’” While this is ultimately true, because change is a fact of life, we are fortunate that this long revolution is taking its time, working in fits and starts over many years. Along the way, it’s easy to get pulled into the drama of the day, to feel disoriented, disconnected, and even hopeless amidst widespread setbacks and resistance to change. Yet, our evolutionary path draws us decisively forward. Rather than fear it, let’s trust that the greater good is taking us on an amazing journey.

We are living in a time of great possibility, when someone can wake up one morning to discover a new paradigm shift firmly underway, building on previous shifts. If you are feeling down or out of sync, just take a deep breath and prepare yourself. The next surge of this revolution is just around the corner, and we’re all playing a role in making it happen! Whether in your workplace, joining others in the streets, or simply witnessing and supporting this unfolding, you can find your place in this movement. Perhaps you’ll play one role for awhile, then another, as waves of this global sea-change wash up on your shores. Enjoy the ride, and do your best to make the story of a lifetime a great one.

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But in these times, when more and more people are fed up with the consolidation of political and economic power by an elite ruling class, never say never. The climate of protest and opposition to the status quo is only increasing, and while most Constitutional amendments faced steep opposition initially, it was the persistence of proponents in mobilizing the general public that eventually led to their passage. All sociopolitical movements start somewhere – Boston Harbor, Selma, Zuccotti Park – but the pace of mainstreaming the message is what accelerates its wider acceptance.

In December, Los Angeles became the first government entity in the nation to pass a resolution stating that corporations are not people and money is not speech. “Every American should have an equal voice in their government,” said L.A.

City Council President Eric Garcetti, “But unless there are big changes, your voice is only as loud as your bank account. And it’s the big corporations that have the largest bank accounts of all. The flood of corporate money since Citizens United is literally drowning our Democracy. It’s drowning

the people’s voice in the government.”

Which cities and states will be next to support this? Can these Amendments make it through Congress? If not now, when?

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Expanded Definition of Happinessby Christopher Peck

“Be happy while you’re living, for you’re a long time dead.” --Scottish Proverb

Just as we did with wealth in the summer newsletter, we can use the Wheel of Life to expand our view of what happiness is. In the same way that personal wealth is much more than what’s repre-sented on a bank statement, happiness is much more than the fleeting satisfaction we get from a good sandwich. This idea might suggest a mature experience of knowing one’s mission in life, succeeding at pursing that mission, having a solid primary relationship and many friends and family, having sufficient financial resources to live well according to your own standards, to be making a contribution and leaving a legacy one can be proud of, and living in right relationship to the living world that sustains life. Health is fundamental of course, as is ethical living. And underlying any notion of happiness is the contentment that comes from a life lived well.

The interior individual quadrant, and the “State of Being” slice in particular, is where we normally think happiness resides. But full happiness requires that each and every slice of the Wheel of Life be humming at a relatively high level. Within the State of Being slice though, it’s not just happiness; it’s also a sense of opportunity, balance, and contentment that provide the basis for blessedness, or a “well-lived” life.

An extension of this, in the exterior collective quadrant, is the realization that what our assets are doing, out there in the world around us, is also a key contributor to our sense of self, and of our well-being. If your assets are doing harm in the world, that will “bring you down.” And, to be really happy, to be thriving with a high degree of well-being, your assets must be as active “out there” as you are “in here,” cultivating positive change and nurturing relationships. We’re connected to all of life and our happiness is muted by the degree to which we do harm to ourselves and to anyone or anything.

Moving around the Wheel of Life some more, we see how fundamental good relations with friends and family and a

significant other are to happiness. We’ve probably all had the experience of being alone while doing something amazing,

and it feeling a little hollow: “If only I had someone to share this with!” Aristotle and the ancient Greeks felt strongly that one could not be happy living apart from people. Again, this relational element to life requires our investment of time, energy, and good will; it’s an investment that is likely to pay dividends far more valuable than those coming in from your portfolio.

So much of what makes us happy and wealthy has nothing to do with money or material. Invest your

time and life energy around the full Wheel of Life, to reap a life of wellbeing, of deep satisfaction, of contribution and wealth, a life of blessedness.

To wrap up this brief reminder that our sense of happiness can and must include much more than the contents of our portfolio, let’s take on an elephant in the room that often dominates our thinking about wealth: the idea that more is better. We want to maximize financial returns, work out more to keep building muscle mass and body tone and endurance, and enjoy more or better quality material possessions as the years go by. Or do we? What if “more” isn’t always better? Balance is better. An optimal mix of financially-rewarding work, quiet time alone, rewarding relationships, and healthy activities is better. Living a life of purpose, according to what one actually believes and desires for self, friends, and the planet, is better.

This is where taking some time to reflect on the Wheel of Life can lead to some enlivening new insights about where you may want to devote more of your attention, focus, and energy. As you look at each slice of the Wheel, you’ll find that there is an element of contentment contained in each; and the more you commit to cultivating all the slices, the broader and deeper will be your well-being, your health, your wealth. Consider this a little nudge in that direction, toward this holistic sense of well-being that we might call a good life.

Holistic Solutions

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2011: A Look Back…and Forwardby Scott Secrest AAMS® Director of Investment Research

After a strong beginning in 2011, the stock market declined steeply in August following the U.S. debt ceiling debacle, the loss of the U.S. Government debt’s AAA rating, and a gloomy assessment of the U.S. and global economic recovery. Hope for a rebound in the second half of the year gave way to concerns about a struggling real estate market, a still-weak job market, and the looming European debt crisis. These factors created a market roller coaster throughout the second half of the year.

If you thought it was a rough year for U.S. stock investors, a look around the globe shows us that U.S. markets were the place to be. Large company stocks in the U.S. were up 11.8% for the quarter, though just 2.1% for the year. The stocks of smaller U.S. companies were up a robust 15.5% for the quarter, but over the year they finished lower by 4.2%. Bonds in the U.S. broadly measured were up slightly for the quarter 1.1%, and up 7.8% for the year. Meanwhile, foreign stocks were up just 2.9% for the quarter and down a steep 14.8% for the year.

The market turmoil was particularly severe during the third quarter. September more than erased stock market gains made through the first six months of the year. In fact, the 13.9% drop in the third-quarter for the Standard & Poor’s 500 Index was the biggest quarterly decline for that index since the depth of the financial meltdown in 2008. The cleantech sector including alter-native energy was especially hard hit in this period.

The stock markets came roaring back in October with one of the strongest market rises in history for that month. This was in response to rising investor confidence that a solution was in the works for the European debt crisis, and to a September decision by the Fed to begin a program intended to reduce longer-term interest rates.

However, the European debt crisis was not solved, and remains an issue of great concern. Poor foreign stock perfor-mance continued in response to the European debt problems. At issue is the ability of some European Union participants to manage their present national or “sovereign” debts, most

notably Greece, Ireland, Italy, Spain, and Portugal. Much of this debt is owed to European banks in Germany, the U.K., and France. Weak “capital requirements” (read, “stability”) at these banks puts the entire European financial system at risk, with implications well beyond the continent. European leaders have taken steps at almost every turn that have prolonged and/or worsened the depths of the problem.

In cleantech investments, certain areas held up better than others but overall, investment results were disappointing. As governments around the globe face severe fiscal restraints, we’ve seen incentives for renewable energy sources of all kinds reduced. This, in combination with the slow economic environment, created headwinds for the sector in 2011. We expect to see mergers in this sector increase in 2012 as consolidation and shake-out continue. This is a cyclical sector and not every year will be a good one. We remain optimistic over the longer term about these industries.

For 2012, much depends on a credible and workable solution to the European debt crisis. Beyond that, the U.S. economy continues to make incremental improvements. With unemployment dropping below 9% nationally in the closing months of the year, more economists are discounting the likelihood of another U.S. recession, though this remains a possibility here, and a much stronger possibility in Europe.

Based on the risks and opportunities for global economic recovery next year, we are more likely to see improvements in the second half of 2012 than in the first two quarters. By mid-year, Europe may have finally decided to act decisively to stem the crisis, and the U.S. will have had the opportunity to show that the recovery is on solid footing.

2011 was a year that tested the resolve of investors. Many of us lack faith in our institutions and leaders. But, as the world awakens to the principles of sustainability and trans-parency in business, we believe that our economy is being reexamined and will be reshaped over time in alignment with these principles.

Our new sustainable economy is enabling us to meet challenges in resource scarcity, climate change, pollution, and depletion of natural capital. Economic growth is the logical and natural result of an economy migrating toward clean and efficient energy sources and industries.

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“For 2012, much depends on a credible and workable solution to the European debt crisis.”

What’s Up on Wall Street

Christopher Peck managing partner

PO Box 7775 Nº. 43366 San Francisco, CA 94120-7775 christopher@naturalinvestments.com

707.758.0171 - 877.241.0703

Michael Kramer a i f ® managing partner, director of social research

PO Box 390595 Keauhou, HI 96739 michael@naturalinvestments.com

808.331.0910 - 888.779.1500

Hal Brill a i f ® founding partner

PO Box 747 Paonia, CO 81428 hb@naturalinvestments.com

970.527.6550

Scott Secrest a a m s ® director of investment research

3591 Sacramento Drive., Ste. 110 San Luis Obispo, CA 93401 scott@naturalinvestments.com

805.235.3031 - 877.861.4161

Jack Brill advisor emeritus

3416 Sequoia San Luis Obispo, CA 93401jack@naturalinvestments.com

805.543.7717

James Frazier ChFC ® financial advisor

PO Box 901311 Kula, HI 96790 2023 East Sims Way, #312 Port Townsend, WA 98368 james@naturalinvestments.com

HI - 808.876.1786 WA - 360.379.0295

WWW.NATURALINVESTMENTS.COM Main Phone: 800.793.7512

Malaika Maphalala financial advisor

19363 Willamette Drive, #150 West Linn, OR 97068 malaika@naturalinvestments.com

503.915.0090 - 877.424.2140

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