Saint or sinner?

Saint or sinner?

It is a sad but incontrovertible truth that when it comes to investing it has usually proved more profitable to be naughty rather than nice. As ethical funds have struggled to convince investors that they can match the performance of their wider benchmarks, the so-called vice industries, especially tobacco and alcohol have seen their share prices thunder ahead. In short, investors have become addicted to the chunky dividends they offer, underpinned by the steady cash flows generated by the recession-proof habits they cater for.

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