Investing for Happiness: Doing Well while Doing Good      If we want our investment dollars to do more than bring us expected future income, then we will use our personal goals and ethics as a guide for how our savings are employed.  Below, I provide some ideas on how a mutual fund family of what I call Happiness Funds might be organized to facilitate the increase in well being and happiness of the less well off in our society nationally and internationally.     The Happiness Equity Fund would invest in stocks of companies in developing countries and in companies in developed economies that served the poor either by providing services or through significant employment.   The Happiness Equity Fund would invest in the countries with lower income in proportion to their population corporate citizenship as to environmental, labor and other issues, but the primary criterion would remain whether support for said company was likely to raise the happiness level of the country involved.   In the initial stages of organization and growth the Happiness Equity Fund would invest in emerging market funds and various Country funds.  These funds could be closed end mutual funds, open end mutual funds or exchange traded funds.       I thought it would be interesting and instructive to see What the application of these criteria to investments over the last 10 years would have caused.  I went through the analysis of a hypothetical Global Happiness Fund that might have been formed about 10 years ago.  The only difference was that I applied the selection of the countries criteria on 2004 income data (from the 2006 World Development Indicators) rather than 1996.  This did not substantially change the results but some countries, such as South Korea might have been included otherwise.     Most of the world's investment capital is allocated to the developed economies.  If resources were allocated by population, these poorer countries would receive 84.7 percent of financial investment.  Instead, they receive but a small portion of the total.  The Global Happiness Fund would be investing solely in these countries initially.  Using population weights, I then calculated the total return to the hypothetical Happiness Fund over the last ten years if it had been invested as noted.  The result was that the total return to the Happiness Fund would have been 17.1 percent.  This is the geometric average for the fund.  In other words, if $10,000 had been invested in the fund in about September of 1996 with all dividends reinvested, it would have grown to about $48,641 by September of 2006.  In comparison, the Vanguard 500 Index Investor Shares, which tracks the S&P 500, would have had a total return of 8.51 percent.  The Happiness Fund would have far surpassed the return achieved by investing in the United States stock market.  It also would have far surpassed the return of most emerging market funds that were weighted by market capitalization rather than population.  These funds earned around 10 percent for the last ten years