Should You Buy Sin Stocks?

Does vice pay? It depends on where you look. [buffett] Indeed, there’s plenty of evidence which shows that vice or sin stocks outperform the market (more on this later). Although, a recent study published in The Journal of Law and Financial Management, a publication of The University of Sydney, questions these results. The study was conducted by Greg Richey, a lecturer of finance at California State University, San Bernardino who, in his own words was looking to determine, “how the individual vice industries have performed against the market portfolio”. Abstract: “This article examines the return characteristics of a portfolio of US ‘vice…