Archive for San Francisco Giants

The Giants made a big splash by acquiring Evan Longoria, owner of three All-Star nominations, three Gold Gloves, a Silver Slugger, and the 2008 AL Rookie of Year. I will come right out and admit that I have hardly spent any time thinking about Longoria at all through his 10-year career. As a fan of an NL West team, the Rays are about as far away from my realm of focus as you can get. Throw in the fact that they are a small-market team dwarfed by the Yankees and Red Sox, and Longoria simply hasn’t made a huge impression on me.

After reacquainting myself with his player page, I realized how much I have been missing. Longoria has amassed almost 50 WAR in his career so far, placing him on the bubble of many Hall of Fame stats despite being only 32 years old. He has avoided any disastrous seasons, as his lowest WAR total was 2.2, and that came in a 2012 season when he only played in 74 games. Almost as impressive as his WAR totals – that 2012 season has been the only season in 10 years that he missed significant time due to injury. In the past five years, he has played in more games (798) than anyone in the MLB. He has been the epitome of health and consistency for a decade.

Longoria has earned his value by being very well-rounded. He provides significant value with his bat, as his career wRC+ mark of 123 matches up with the likes of Yoenis Cespedes, Jose Altuve, and Mookie Betts, all extremely accomplished hitters that have yet to enter their late-career decline phases. As the three Gold Gloves imply, Longoria is also an impressive fielder, with career marks of 75 DRS and 89.1 UZR. While not a massive base-stealing threat, he has shown enough speed and baserunning intelligence to provide slightly above-average baserunning value. Simply put: the dude is good at playing baseball, and he’s been proving it for an entire decade now.

As impressive as that resume is, the Giants don’t get to enjoy any of his past accomplishments. They didn’t trade for 2008-2017 Evan Longoria, they traded for 2018-2022 Evan Longoria. So now the question becomes: Is Evan Longoria still good? Jeff briefly touched on this immediately after the trade, but I wanted to take a deeper look.

At 32 years old, he is past the typical peak years for most baseball players, and in Longoria’s case, he already sustained a pretty clear peak over his first six seasons (ages 22-27). As Jeff noted, he put up a wRC+ of 135 during this time; compare that to his four seasons since then (ages 28-31), when his wRC+ has dropped to 108. Don’t get me wrong – 108 is still good! It’s just not the elite All-Star player we saw at the front of his career. His defense has followed the same trajectory, as he put up +79 DRS and +78.4 UZR over his first six seasons, then dropped to -4 DRS and +10.7 UZR over his last four seasons.

This is a familiar story: good baseball player gets older, becomes worse baseball player. But it’s so familiar that it can also be a trap – Longoria might end up following the Adrian Beltre career path, who posted a 6-WAR season at 37 years old. Looking at the numbers, though, I just can’t make myself believe that Longoria is anything more than a useful starter right now, and one that will shortly become a below-average player.

Longoria’s strikeout rate immediately jumped out to me, as he only struck out 16.1% of the time last year, setting a new career low, almost 4% below his career average. This is promising! In an era of increasing strikeouts, Longoria is figuring out how to put more balls in play, giving him more chances of getting on base. Of course, this line of thinking requires that he is trading strikeouts for quality batted balls, and considering his ISO last year sat 50 points below his career average, it didn’t look like this was the case. After digging deeper into some plate discipline numbers, it became very obvious to me what was happening.

2013 was Longoria’s last star-caliber season. The following year, his wRC+ dropped from 132 to 105, with a corresponding spike in Swing%. All of a sudden, Longoria was much more aggressive, swinging at more pitches both inside and outside of the zone. And especially in 2017, he seemed to be focusing intently on putting the ball in play, with a large spike in Contact% despite seeing the 2^nd lowest Zone% in his career. Some people are able to cut strikeouts by controlling the strike zone better, but it looks like Longoria was cutting strikeouts by swinging more often and making poor contact on bad pitches. Consider his batted-ball distribution:

The first big red flag here is the red line along the bottom. Once again, starting in 2014, we start seeing a worrisome trend as he began hitting more and more infield flies. All his improvements in strikeout rate are erased here, as infield flies are essentially automatic outs and are just as bad. The other interesting tidbit in this graphic is the interplay between his GB% and FB% the past two years. Longoria had a mini-offensive resurgence in 2016, and it looks like that can be attributed to him lifting the ball more often. In 2017, he lost all of his FB% gains and then some, driving more balls into the ground than ever before.

Jeff also touched on the relevant Statcast data. Longoria’s exit velocity dropped significantly last year, as did his rate of barrels and xwOBA. There was nothing fluky going on for Longo in 2017 – he was swinging more often but making worse contact, and more of his batted balls were either going into the ground or popped up in the infield.

Is a turnaround completely out of the question? Of course not, nothing is out of the question. Perhaps a change of scenery will provide a spark for the 32-year-old. Perhaps he will be motivated to prove to the baseball world that the Giants made a good trade, and he will work harder than ever to make it back to All-Star levels. Even if he simply sustains his current production, he is still a 2-3 win player right now. But the Giants need more than that, and we’re already four years into a significant decline for Longoria. Both his bat and his glove are on the wrong side of the age curve, and it looks like the Giants just added another expensive, aging veteran to throw onto the pile.

It’s no secret that Jonathan Lucroy is having a subpar season.

The two-time NL All Star was projected to be a top-three catcher in 2017.  Before the start of the season, Steamer pegged his value at 3.6 wins above replacement, while ZiPS had him at 3.2.  His .242/.297/.338 line and 66 wRC+ in 306 plate appearances as a member of the Texas Rangers produced 0.2 WAR.  No one really expected that.

Lucroy was eventually traded to the Colorado Rockies.  The Rockies, who had the worst catching tandem in baseball, instantly viewed Lucroy as an upgrade, while many other playoff-bound teams would have viewed him as a liability.  With the hitter-friendly environment of Coors Field and poor pitching staffs among the San Francisco Giants and San Diego Padres, the team figured that Lucroy would return to his All-Star form once again.  Although he has not returned to being the power threat that he once was, he has changed his game ever so slightly, such that he might have become the game’s best-hitting catcher.

His basic stat line is not reflective of his plate discipline as a member of the Rockies.  His slash line has gone back up to near his career average (.279/.384/.377), but what is most impressive about him is his actual hitting ability.  Always a good contact hitter, he has changed his game to be more selective, get more contact, and put the ball in play.  His 92 percent contact percentage ranks first in baseball since the trade, and his 88 percent contact percentage of pitches outside the strike zone also ranks first.  The result: a high walk rate (12.3 percent) and fewer swinging strikeouts (6.3 percent of plate appearances resulting in a strikeout).  All of this while swinging at fewer pitches outside the strike zone (18.6 percent) and fewer swings in general (38 percent).  You may be asking “Why isn’t he leading the league in hitting with numbers like that?”  Well, the answer is rather simple.

While he is making more contact than anyone in baseball, most of the balls in play are hit to the defense.  This season, he is hitting more ground balls than ever before.  As a Rockie, 50 percent of the balls he has hit in play have been ground balls, well above his career average of 42.8 percent.  As a result, he has hit fewer fly balls (28.7 percent) which has led to fewer home runs (3.2 percent HR/FB).  This explains his lack of power this year.

He has hit the ball in the wrong place more this season than any other.  For his career, Lucroy has had a tendency to drive the ball up the middle — that has not changed much this season — but this season he has hit the ball softer than in any previous season.  His average exit velocity (85.0 miles per hour) is more in line with middle infielders and outfielders than catchers.  In fact, he has the fourth-slowest average exit velocity among all qualified catchers.  His average exit velocity last season was 87.6 miles per hour, and it was 88.6 in 2015.  Without the wheels of a speedy outfielder or infielder capable of beating out a ground ball (or at the very least forcing the defense to rush the throw), a ground ball for Lucroy is as good as an out.  Just as the saying “baseball is a game of inches,” it’s a game of miles per hour, too.

Fewer ground balls are going through the holes in the infield, and fewer ground balls are becoming hits.  His batting average of balls in play as a Rockie is similar to his career average (.308 as a Rockie and .306 for his career), but his RBBIP — percentage of balls in play that go for a hit or an error — is .318.  While it is above league average, it is well below his RBBIP numbers of both his All Star seasons and 2012, when he hit .320.  Has Lucroy been entirely unlucky with his balls in play?  No; pitchers have pitched to him largely down and away, which has resulted in a horrible contact percentage on those pitches, and he has also regressed slightly in every season since 2015.  But if Lucroy can keep his contact percentage up, hit fewer ground balls, and stay selective at the plate, then he could be one of the best-hitting catchers in the game again.

With a wild comeback in Game 4 on Tuesday night, the Cubs secured their spot in the NLCS for the second straight season. Considering where the team was just five years ago, this is obviously an impressive achievement. But maybe more impressive is how they reached that second consecutive NLCS. The Cubs scored 17 runs against the Giants in their NLDS showdown, and six of those were driven in by their pitchers! That’s an absurd 35% of the Cubs’ run output coming from the guys who usually do the run prevention.

When Travis Wood hit his incredible home run as a relief pitcher in Game 2, it was the first postseason home run from a pitcher since Joe Blanton took Edwin Jackson deep in Game 4 of the 2008 World Series, and the first postseason home run from a reliever since 1924.

When Jake Arrieta left the yard in the first inning of the very next game, it became the first postseason series with multiple home runs off the bats of pitchers since the 1968 World Series, when Mickey Lolich and Bob Gibson each went deep in a seven-game series. Of course, Lolich and Gibson were rivals, not teammates, making the Wood-Arrieta accomplishment even more impressive — and rare. In fact, it was only the second time in the history of baseball (per Baseball-Reference Play Index) that two pitchers, on the same team, hit home runs in the same series. The only other time with in the 1924 World Series, when New York Giant teammates, and pitchers, Jack Bentley and Rosy Ryan homered in Games 3 and 5 of the epic seven-game series. Wood and Arrieta were the only ones to do so in back-to-back games.

* * *

Now, it wasn’t just the Cubs pitchers getting in on the fun. For a while Tuesday night, it looked as though Giants starter, Matt Moore, was going to be a two-fold hero. Shutting down the Cubs offense from the mound, and knocking in the first run of the game for the Giants in the bottom of the fourth. While that was the only hit from Giants pitchers in the series, it was still enough to set the combined hitting totals for the two teams to: .250 batting average, with a .625 slugging percentage, while knocking in 23 percent of the total runs scored.

Those are some pretty crazy totals, but are they the best ever?

Using the aforementioned Play Index search of all-time postseason home runs from pitchers, there are 18 different series (including the 2016 NLDS) in which a pitcher homered. In those series, on three occasions, the pitcher who hit the home run was the only pitcher to get a hit in the entire series (1984 Rick Sutcliffe, 1978 Steve Carlton, 1975 Don Gullet). Only twice did pitchers combine for more than the 10 total bases from the Giants and Cubs, and only once did they drive in more than the seven runs (and they never topped the percent of runs driven in). Let’s go to the chart:

Top Team Pitcher Performances in the Playoffs

After a brief peruse, it’s clear that there are only a few cases in which the pitchers in a series can even come close to what we just saw. Let’s take a look at the five best, in ascending order:

1968 World Series

This was one of the three series before the 2016 NLDS in which multiple pitchers hit home runs. In 1968, it was, as noted above, Bob Gibson and Mickey Lolich who homered in the series, one each for the Cardinals and Tigers. The reason this series is in fifth in the challengers to Cubs-Giants is because those two pitchers were really it. They drove in the only four runs from pitchers in the series (three of the four RBI coming on the two home-run swings), and there was only hit to hit come from a non-Gibson/Lolich pitcher.

1969 World Series

Just a year after our first entry into this challenge, the Mets and Orioles played in the first World Series to be led off with a League Championship Series. The extra-long season didn’t stop the Mets and Orioles pitchers from contributing all over the diamond, however, as they crammed five hits, 10 total bases, and five RBI into just a five-game series. Because of the abbreviated length of the series, this is one of the few series that can challenge the 2016 NLDS in terms of percentages. That being said, the Cubs-Giants pitchers take all three percentage categories, leaving there no real room for debate on this one.

1958 World Series

The 1958 series stands out in that it was the highest RBI total for pitchers in any postseason series to date. That was thanks in large part to top two pitchers for the Braves, Warren Spahn and Lew Burdette, tallying three RBI apiece. Burdette did it with the long ball, while Spahn preferred the death-by-a-thousand-cuts method, tallying his three RBI on four hits in the series. The Yankees got two RBI of their own from Bob Turley, but I’m not quite willing to give these guys the edge over the Cubs-Giants pitchers. The easiest argument for this year’s NLDS is that the Cubs-Giants pitchers tallied as many total bases and only one less RBI in three fewer games, as the 1958 World Series went to seven games, while this year’s NLDS went just four games.

1924 World Series

Here’s where the challenge gets real stiff. The 1924 World Series is the other series in which we have two home runs from pitchers, the aforementioned Bentley and Ryan teammates for the Giants. This series tops our charts in hits (8) and total bases (14), and is a reasonable choice for best-hitting series from a group of pitchers. I’m still giving the edge to Cubs-Giants in this showdown, though, and for a couple of reasons. Actually, really one reason with a couple different explanations: opportunity. Similar to the 1958 World Series, the 1924 World Series went to seven games, meaning that pitchers had far more games to rack up those hits and total bases. Pitchers were also left in games far longer in the 1920s, and as such, tallied almost three times as many at bats as the 2016 NLDS pitchers. When comparing batting average (.250 to .190) and, even more so, slugging percentage (.625 to .333) it becomes clear that this year’s Cubs-Giants pitchers still reign supreme.

1970 ALCS

Here’s our winner. The only series that I believe tops the recently concluded Cubs-Giants NLDS in terms of output from pitchers at the plate. This was an even shorter series than Cubs-Giants, as the Orioles only needed three games to dispatch the Twins. And their pitchers were a good chunk of the reason why. The Orioles used just four pitchers in the series, but all four got hits, combining for all of the offense you see above. (Twins pitchers were 0-for-5 in the series.) Not only did all four get hits, but all three starters got extra-base hits, as Dave McNally, Jim Palmer, and Mike Cuellar (Dick Hall was the reliever) all showed what they were capable of on the other side of the ball. Of course, the very next season, these three starters, along with Pat Dobson, would form just the second-ever set of four 20-game winners on the same team, proving just how awesome the late `60s and early `70s Orioles really were. They reign supreme for now, but let’s see how those Cubs starting pitchers do for the rest of the 2016 playoffs.

Players like Justin Upton aren’t usually available at the trade deadline. Upton ranks 35th in wOBA (.353) and 47th in WAR (8.9) between 2013 to the present.  Also of note, Upton is in his walk year.

So, how many players like Justin Upton have been traded in the past 10 years? I did a quick scan of deals made in June and July since 2005 and I found four similar players who were traded in their walk years.

1. Hunter Pence PHI->SF, 2012 (68th wOBA (.347) and 68th WAR (8.7), 2010-2012)

2. Carlos Beltran NYM->SF, 2011 (19th wOBA (.379) and 74th WAR (8.1), 2009-2011)

3. Matt Holiday OAK->STL, 2009 (4th wOBA (.410) and 6th WAR (18.2), 2007-2009)

4. Mark Teixiera ATL -> LAA (15th wOBA (.396), 17th WAR (14.8), 2006-2008)

The Mets received Zack Wheeler in return for Beltran and the Athletics received Brett Wallace in return for Holliday. Baseball America ranked Wheeler the 55th best prospect pre-2011 and Wallace was ranked 40th pre-2009. In the following years, pre-2012 and pre-2010, respectively, Wheeler was ranked 35th and Wallace was ranked 27th.

The Mets and Athletics did well in each trade. They received top prospects and non-deteriorating prospects (they were not losing value as prospects during the year they were traded for). This is evidenced by the ranking of Wheeler and Wallace in the season following the trade.

The Pence and Teixiera trades did not net the Phillies or Braves prospects. Each team received a major league asset, using “asset” in the loosest of ways.

The Phillies received Nate Schierholtz, who had totaled .9 WAR up to that point in 2012. They also received Seth Rosin, an A Ball pitcher, and Tommy Joseph, a AA catcher. Essentially, they received a replacement level player and organizational depth. 

The Braves received Casey Kotchman. Kotchman had totaled 2.1 WAR in 2008 with the Angels before the trade. He managed 3.7 WAR the year before. The Braves could not expect Kotchman to live up to his past billing (he was Baseball America’s 6th ranked prospect pre-2005), however, from the most optimistic perspective, they may have expected him to be worth 2 WAR per year over the remaining four years of team control. At least this is my best attempt to get in the head of the Braves’ front office seven years after the fact.

Now, I’ll attempt to determine Justin Upton’s trade value based upon these past trades.

Kevin Creagh and Steve DiMiceli published a study on Point of Pittsburgh that analyzed the value and future performance of prospects based on their ranking in the Baseball America’s Top 100 (the ranking was determined by the final appearance of the prospect in the rankings).  The article has a lot of information you should read regarding the dollar value of prospects and their potential to bust, but for purposes of this article, I am concerned with a prospect’s projected WAR over the six years of team control.

Hitters that rank between #26-50, which is Brett Wallace, project to have an average of 6.8 WAR. Pitchers ranked between #51-75 project to have 3.8 WAR. However, based on Wheeler’s fast rise up Baseball America’s list, I’ll factor in that pitchers ranked between #26-50 project to have 6.3 WAR. The average of the two is 5 WAR, which is the value I’ll place on Wheeler at the time the Mets traded for him.

Justin Upton is not Matt Holliday, circa 2009, and he is not quite Carlos Beltran, circa 2011, although he is much less of an injury risk than 2011 Beltran (who would go on to spend time on the DL for the Giants in 2011). Therefore, I project that the Padres should receive between 3.8-5.0 WAR in return for Upton. The return should scale up towards the higher side of that projection based upon an active and interested market for Upton.

Below is a list of potential Upton suitors and their prospects that appeared in Baseball America’s Top-100 rankings before the season began. The rank of the prospect is in parenthesis, followed by their Creagh and DiMiceli projected WAR. The prospects in bold represent the most likely return for Upton, however I included some prospects that are possibilities, but project to have more WAR value than should be expected in return for Upton.

Mets – Brandon Nimmo (45, 6.3), Dilson Herrera (46, 6.3), Amed Rosario (98, 4.1). I excluded Kevin Plawecki (63) and Michael Conforto (80) due to their major league role and rise to prominence, respectively. 

Pirates – Jameson Taillon (29, 6.3); Austin Meadows (41, 6.8); Josh Bell (64, 5); Reese McGuire (97, 4.1)

Cubs – C. J. Edwards (38, 6.3); Billy McKinney (83, 4.1)

Giants – Andrew Susac (88, 4.1)

Orioles – Dylan Bundy (48, 6.3); Hunter Harvey (68, 3.4)

Rays – Daniel Robertson (66, 5); Willy Adames (84, 4.1)

Royals – Raul Mondesi (28, 6.8), Brandon Finnegan (55, 3.4), Kyle Zimmer (75, 3.4), Sean Manaea (81, 3.5)

Twins – Jose Berrios (36, 6.3); Nick Gordon (61, 5); Alex Meyer (62, 3.4)

Astros – Mark Appel (31, 6.3)

A.J. Preller should feel (somewhat) vindicated regarding the Justin Upton portion of his winter experiment if he can get a player he likes that resembles the players on this list. However, it remains to be seen if he will chase after something safer, like the Braves in 2008, or squander an asset like the Phillies in 2012. In that case, he’s probably better off going all-in on the Padres he built for 2015.

I think the National League West is the most idiosyncratic division in baseball. Note that I avoided a more disparaging term, like odd or weird. That’s not what I’m trying to convey. It’s not wrong; it’s just…off. Not bad–it’s home to 60% of the last five World Champions, right?–but different. Let me count the ways. (I get three.)

Time zones

EAST COAST BIAS ALERT!

It is difficult for people in the Eastern time zone to keep track of the NL West. Granted, that’s not the division’s fault. But 47% of the US population lives in the Eastern time zone. Add the Central, and you’re up to about 80%. That means that NL West weeknight games generally begin around the time we start getting ready for bed, and their weekend afternoon games begin around the time we’re starting to get dinner ready. The Dodgers, Giants, and Padres come by it naturally–they’re in the Pacific time zone. The Diamondbacks and Rockies are in the Mountain zone, but Arizona is a conscientious objector to daylight savings time, presumably to avoid prolonging days when you can burn your feet by walking barefoot outdoors. So effectively, four teams are three hours behind the east coast and the other team, the Rockies, is two hours behind.

Here’s a list of the number of games, by team, in 2015 that will be played in each time zone, ranked by the number of games in the Mountain and Pacific zones, counting Arizona among the latter:

Again, I’m fully on board with the idea that this is a feature, not a bug. But it’s a feature that means that a majority, or at least a solid plurality, of the country won’t know, for the most part, what’s going on in with the National League West teams until they get up in the morning.

Ballparks

OK, everybody knows that the ball flies in Coors Field, transforming Jose Altuve to Hack Wilson. (Check it out–they’re both 5’6″.) And the vast outfield at Petco Park turns hits into outs, which is why you can pencil in James Shields to lead the majors in ERA this year. But the other ballparks are extreme as well: Chase Field is a hitter’s park; Dodger Stadium and AT&T Park are pitchers’ havens. The Bill James Handbook lists three-year park factors for a variety of outcomes. I calculated the standard deviations for several of these measures (all scaled with 100 equal to league average) for the ballparks in each division. The larger the standard deviation, the more the ballparks in the division play as extreme, in one direction or the other. The NL West’s standard deviations are uniformly among the largest. Here’s the list, with NL West in bold:

• Batting average: NL West 10.1, AL West 7.2, AL Central 6.5, AL East 5.8, NL East 5.2, NL Central 1.6
• Runs: NL West 26.5, NL Central 7.9, NL East 6.9, AL East 4.0, AL Central 2.8, AL West 2.7
• Doubles: AL East 20.3, NL West 11.3, NL East 6.2, NL Central 5.9, AL Central 5.1, AL West 2.9
• Triples: NL West 50.6, AL Central 49.5, NL East 33.6, AL West 28.3, AL East 27.8, NL Central 11.1
• Home runs: NL Central 30.2, NL West 23.9, NL East 20.0, AL East 18.7, AL Central 11.3, AL West 11.2
• Home runs – LHB: NL Central 31.6, AL East 27.4, NL West 25.6, NL East 21.7, AL West 14.7, AL Central 11.7
• Home runs – RHB: NL Central 32.1, NL West 24.0, NL East 20.0, AL East 14.4, AL Central 13.6, AL West 10.2
• Errors: AL East 17.7, NL West 12.2, NL Central 11.6, NL East 11.5, AL West 11.2, AL Central 8.2
• Foul outs: AL West 36.2, AL East 18.3, NL West 16.0, NL Central 15.2, AL Central 13.8, NL East 6.2

No division in baseball features the extremes of the National League West. They ballparks are five fine places to watch a game, but their layouts and geography do make the division idiosyncratic.

Social Investing

You may be familiar with the concept of social investing. The idea is that when investing in stocks, one should choose companies that meet certain social criteria. Social investing is generally associated with left-of-center causes, but that’s not really accurate. There are liberal social investing funds that avoid firearms, tobacco, and fossil fuel producers and favor companies that offer workers various benefits. But there are also conservative social investing funds that don’t invest in companies involved in alcohol, gambling, pornography, and abortifacients. This isn’t a fringe investing theme: By one estimate, social investing in the US totaled $6.57 trillion at the beginning of 2014, a sum even larger than the payrolls of the Dodgers and Yankees combined.

Here’s the thing about social investing: You’re giving up returns in order to put your money where your conscience is. That’s OK, of course. The entire investing process, if you think about it, is sort of fraught. You’re taking your money and essentially betting on the future performance of a company about which you know very little. Trust me, I spent a career as a financial analyst: I don’t care how many meals you eat at Chipotle, or how many people you know at the Apple Genius Bar, you can’t possibly know as much about the company as a fund analyst who’s on a first-name basis with the CEO. So there’s no sense in making it even harder on yourself by, say, investing in the company guilty of gross negligence and willful misconduct in a major oil spill, if that’d bother you.

Note that I said that with social investing, you’re giving up returns. Some social investing proponents would disagree with me. They claim that by following certain principles that will eventually sway public opinion or markets or regulations, they’re investing in companies that’ll perform better in the long run. That’s a nice thought, but social investing has been around for decades, and we haven’t yet hit that elusive long run. The Domini 400 Index, which was started in 1990, is the oldest social investing index. It started well in the 1990s, but has lagged market averages in the 21st century. Now called the MSCI KLD 400 Social Index, it’s been beaten by the broad market in 10 of the past 14 years. It’s underperfomed over the past year, the past three years, the past five years, and the past ten years, as well as year-to-date in 2015. The differences aren’t huge, but they’re consistent. Maybe for-profit medicine in an aberration, but acting on that meant that you missed the performance of biotechnology stocks last year, when they were up 47.6% compared to an 11.4% increase for the S&P 500. Maybe we need to move toward a carbon-free future, but stocks of energy companies have outperformed the broad market by over 100 percentage points since January 2000. I think that most social investing investors are on board with this tradeoff, but some of the industry proponents have drunk the Kool-Aid of beating the market. That’s just not going to happen consistently. In fact, a fund dedicated to tobacco, alcohol, gambling, and defense (aka “The Four B’s:” butts, booze, bets, and bombs) has outperformed the market as a whole over the past ten years.

OK, fine, but what does this have to do with the National League West? Well, two of its members have, in recent years, made a point of pursuing a certain type of player, just as social investing focuses on a certain type of company. The Diamondbacks, under general manager Kevin Towers and manager Kirk Gibson, became a punchline for grit and dirty uniforms and headhunting. (Not that it always worked all that well.) The Rockies, somewhat less noisily, have pursued players embodying specific values. Co-owner Charlie Monfort (a man not without issues) stated back in 2006,  “I don’t want to offend anyone, but I think character-wise we’re stronger than anyone in baseball. Christians, and what they’ve endured, are some of the strongest people in baseball.” Co-owner Dick Monfort described the team’s “culture of value.” This vision was implemented by co-GMs (hey, Colorado starts with co, right?) Dan O’Dowd and Bill Geivett. (OK, O’Dowd was officially GM and Geivett assistant GM, but the two were effectively co-GMs, with Geivett primarily responsible for the major league team and O’Dowd the farm system).

Now, there’s nothing wrong with players who are also commendable people. You could do a lot worse than start a team with Clayton Kershaw and Andrew McCutchen, to name two admirable stars. Barry Larkin was a character guy. So was Ernie Banks. Brooks Robinson. Walter Johnson. Lou Gehrig. All good guys.

But holding yourself to the standards set by the Diamondbacks and Rockies also means you’re necessarily excluding players who are, well, maybe more characters than character guys.  Miguel Cabrera has proven himself to be a tremendous talent and a somewhat flawed person. Jonathan Papelbon has a 2.67 ERA and the most saves in baseball over the past six years, but he’s done some things that are inadvisable. Carlos Gomez, a fine player, second in the NL in WAR to McCutchen over the past two years, has his detractors. Some of the players whom you’d probably rather not have your daughter date include Babe Ruth, Ty Cobb, Rogers Hornsby, Barry Bonds, and many of the players and coaches of the Bronx Zoo Yankees.

I want to make a distinction here between what the Diamondbacks and Rockies did and the various “ways” that teams have–the Orioles Way, the Cardinals Way, etc. There’s plenty of merit in developing a culture starting in the low minors that imbues the entire organization. That’s not what Arizona and Colorado did. They specified qualities for major leaguers, and, in the case of the Diamondbacks at least, got rid of players who didn’t meet them. I don’t know what’s wrong with Justin Upton, but for some reason, Towers didn’t like something about him, trading him away. The Braves make a big deal about character, but of course they traded for Upton, so the Diamondbacks went way beyond anything the Braves embrace.

In effect, what the Diamondbacks and Rockies have done is like social investing. They’ve viewed guys who don’t have dirty uniforms or aren’t good Christians or something the same way some investors view ExxonMobil or Anheuser-Busch InBev. Again, that’s their prerogative, but it loses sight of the goal. Investors want to maximize their returns, but as I said, most social investors realize that by focusing on only certain types of stocks, they’ll have slightly inferior performance. They’ll give up some performance in order to hew to their precepts. Baseball teams want to maximize wins, and there really isn’t any qualifier related to precepts you can append to that.

The Rockies and Diamondbacks were living under the belief that by focusing on only certain types of players, they could have superior performance. It’s like the people who think they can beat the market averages through social investing. It hasn’t happened yet. And, of course, the Diamondbacks and Rockies were terrible last year, with the worst and second-worst records in baseball. Just as social investing doesn’t maximize profits, the baseball version of social investing didn’t maximize wins in Phoenix or Denver.

I’ve used the past tense throughout this discussion. Towers, Gibson, O’Dowd, and Geivett are gone, replaced by GM Dave Stewart and manager Chip Hale in Arizona and GM Jeff Bridich in Colorado. (The Monforts remain.) Last year, the Diamondbacks created the office of Chief Baseball Officer, naming Tony LaRussa, a Hall of Fame manager who’s been less than perfect as a person and in the types of players he tolerates. These moves don’t change that these are both bad teams. But by pursuing a well-diversified portfolio of players going forward, rather than a pretty severe social investing approach, both clubs, presumably, can move toward generating market returns. Their fans, after all, never signed on to an approach that willingly sacrifices wins for the sake of management’s conscience.