The house always wins even among sin shares

… the mean excess return varies from a low of 5.3% (alcohol), through 9.6% (biotech), 10.0% (adult services), 14.7% (tobacco) and 24.6% (weapons), to a high of 26.4% (gaming).

Source: Dimson E; Marsh P; and Staunton M. “Responsible investing: does it pay to be bad?” Global investment returns yearbook. Credit Suisse Research Institute 2015.

This entry was posted in economic history, financial economics on by .

About Jim Rose

Utopia - you are standing in it promotes a classical liberal view of the world and champion the mass flourishing of humanity through capitalism and the rule of law. The origin of the blog is explained in the first blog post at

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