This should not shock anyone that has followed the market for any length of time or is simply a student of human nature, but Diageo PLC (NYSE: DEO) the largest distiller and distributor of alcoholic beverages in the world is moving up when the market is moving down. The London Financial Times under the headline Markets are giving the devil his due reports on two new independent US academic studies by Frank Fabozzi, a finance professor at Yale, and Harrison Hong, a Princeton professor, touting the benefits of investing in "sin stocks" associated with alcohol, tobacco and gaming. They surmise that many pension funds, and conservative investors "looking to maintain an aura of respectability." do not invest in these types of companies leaving them to others. These companies also tend to be more highly taxed and regulated, which limits competition somewhat.
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