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.

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