烟酒业与博彩业受投资者青睐

　　华尔街上演着罪恶的一幕，投资者选择邪恶摒弃美德，用大把大把的钱购买烟酒和赌博行业的股票。

　　就是这些“不负社会责任的”“不道德的”股票，特別是烟草类股票，正回报着那些更多关注该产业的经济贡献而不是社会贡献的投资者。烟草公司Lorillard Philip Morris 和Altria的股票在今年标准普尔500指数同比上涨只有1%的情况下分别上涨了34%，29%和15%。

　　酒类股票也不甘示弱。Diageo 和Brown-Forman 也分别上涨了14%和13%。 赌博类股票像Wynn Resorts 和 Churchill Downs 分别上涨价14%，这可以看做是对今年令人失望的股市的一点补偿。

　　投资这些产业的Vice 基金的经理Jerry Sullivan说： “不道德股票说明，这类股票应该做为多元化投资组合必不可少的组成部分。”基金追蹤系统早晨之星显示，这类股票今年的回报率达到了10.3%。

　　“你一定要摆脱"我不喜欢这类产业 "我不喜欢那类产业"这样的观点。”Sullivan 说。

　　投资者看到了不道德股票的值得拥有的属性，包括：

　　一，稳定性和可预期性。酒的需求量一直很稳定，除了啤酒的需要量下降。标普股票分析师Esther Kwon 说。虽然烟草的需求量出现了下降，但下降的速度很慢，也是有限的。标普的Sam Stovall 说，不道德股票吸引那些在股市上胆小，渴望寻找稳定的投资者。

　　二，股息生息率（红利）。任何渴望从低利率中获得收益的人都不会错过投资烟草公司。储蓄存款账户一年最多产生1%或更少的利息，标普500就大致产生2%的红利。所以Altria和Lorillard 5.7%和4.7%的红利是非常吸引人的。早晨之星的R，J，Hottovy 如是说。

　　三，可观的增长前景。Hottovy说，尽管对不道德产品的需求可能是稳定的，但只要没有轻微的下滑，还要有很大的增长机会的。他说，在美国，无烟烟的需求已经发生了增长。Kwon说，对Wynn和其它大型赌博公司来说，亚洲的需求空间还可以进一步挖掘。区域运营商持续以賽马为主营业务不断扩张。Sullivan说：“这些公司做的不是人们喜欢的生意” ， “但是投资者实实在在的看到了他们递交的利润和增长。 ”

　　译文：

　　Sin is in on Wall Street as investors pick vice over virtue and pour money into drinking smoking and gambling stocks.

　　"Socially irresponsible " or "vice" stocks especially tobacco are paying off for investors who are focusing on these industries' financial not social attributes. Shares of tobacco companies Lorillard Philip Morris and Altria are up 34% 29% and 15% respectively this year — smoking past the 1% year-to-date gain by the Standard & Poor's 500.

　　Alcoholic beverage stocks aren't falling off the wagon either. Diageo and Brown-Forman are up 14% and 13%. And gaming stocks such as Wynn Resorts and Churchill Downs are each up 14% — a welcome offset to what's shaping up to be a disappointing year for stocks at large.

　　"Vice stocks are showing they are a necessary part of a diversified portfolio " says Jerry Sullivan manager of the Vice fund which invests in those industries. Fund-tracker Morningstar says it has returned 10.3% this year.

　　"You have to get beyond the point of saying 'I don't like this' or 'I don't like that ' " Sullivan says.

　　Investors are seeing several desirable attributes of vice stocks including:

　　?Stability and predictability. Demand for alcohol has remained stable except for beer which has been declining says Esther Kwon stock analyst at S&P. And while demand for cigarettes has been falling the declines are slow and predictable she says. Vice stocks are appealing to investors nervous about the stock market and looking for something more predictable S&P's Sam Stovall says.

　　?Dividend yields. Investors craving any income in a world of low interest rates can't ignore tobacco companies. Savings accounts generate 1% or less in annual interest at best and the S&P 500 yields roughly 2% in dividends. So yields of 5.7% and 4.7% at Altria and Lorillard are very appealing says R.J. Hottovy of Morningstar.

　　?Reasonable growth prospects. While demand for many "vice" products might be stable if not slighly declining there are growth opportunities Hottovy says. In the U.S. there has been growth in demand for smokeless tobacco he says. For Wynn and other large casino companies there's untapped demand in Asia Kwon says. Regional operators continue to expand casinos that go alongside horse racing Sullivan says. "These companies are not in the business of being liked " he says. "Investors do see them deliver profits and grow."