There was a bit of a hiatus in the mid-20th century but since then, Ben Bernanke’s decision to invest only in tobacco shares was a wise choice.
During the transition period, 1947-1965, shares in the tobacco industry underperformed by 3 percent per year in the USA.
Still, it was a temporary trend and the decades from the 1960s to the 2000s, when the health impact of tobacco was well known, saw tobacco companies outperforming comparable firms by over +3 percent per year.
Source: Responsible Investing: Does It Pay to Be “Bad”? – Credit Suisse.
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