Hi. My name is Chris Gates, here from the Wharton School. It's my pleasure to be speaking with you in this module about impact investing. Impact investing bar none is one of the most exciting arenas of wealth management and investment management today. Defined generally as the interaction between investment management classically optimizing risk and reward, with the notion of non-financial considerations and social impact broadly construed, today is an arena of tremendous growth, tremendous interest and in an ongoing way, tremendous creation of both products, tremendous demand and tremendous increases in supply. Today, we'll be moving through six lectures. The first lecture, focused on global trends, will cover the size and growth rate of the impact sector broadly construed. We'll talk about the new arrival of asset classes, even those that potentially expand the investment opportunities set. And we'll talk a bit about academic and corporate specialty education as it relates to global trends. In our second lecture, we'll cover the classic notion of impact investing. Defining for example, the base of the pyramid and referencing the externalities and the potentially hostile environments attendant to the base. We'll talk a bit about microfinance growing around the base. I will mention for example, a number of the famous cases like the Grameen Bank, the Omidyar Network and others. We'll talk in a bit about our own research here at Wharton, in which we have evaluated private funds focusing on private markets and private issues in private markets. In lecture three, we'll present elements of the community of impact investing. We'll cover some of the giants on whose shoulders many stand, including B Lab. We will talk a bit about the United Nations and the UN Principles for Responsible Investment. We'll talk about some other community groups that relate to one another in the community. In lecture four, we'll ask and answer what governments can do and have they done. Linking basic research to the notion of government subsidies and indirect investments highlighting the historical and current role now, especially the specked Impact Investing, addressing the externalities that are often the target of specific efforts and impact investing. In lecture five, we'll talk about shareholder activism. We'll discuss the basics of shareholder activism. In other words, a positive holding's approach, both in public and private markets and pathways for those who own companies to express their both financial and non-financial interest. And we'll talk about activism of big asset managers which ever more frequently are seen to specifically incorporate notions of environmental social, as well as, traditional governance considerations. And finally, lecture six, we'll ask and answer to the degree possible, the question of whether there's a cost to social investing, so that we don't bear our lead. The answer as always is, it depends. But, some of the most interesting things that we can say today relate to how it depends.