“Once the markets offer investors the opportunity to understand and choose their impact, nothing will ever be the same again,” says Matthew Weatherley-White, managing director of the Caprock Group, in a Q&A that takes up three of the 30 pages in Bloomberg’s new family office “investing for impact” brief (which focuses largely on philanthropy). Weatherley-White on mispriced risk: “Most diversified, public-debt, investment-grade portfolios are going to be yielding somewhere south of 3 percent now. Micro-finance? You can get 4.25 percent with a similar or somewhat lower default rate.” On the familiarity of impact investing portfolios: Impact aside, Caprock’s portfolios “look...