Financial Times: The wages of sin is outperformance for investors

The best-performing stocks since 1900 have been tobacco in the United States and alcohol in the United Kingdom, according to a review co-authored by Elroy Dimson, chairman of the Newton Centre for Endowment Asset Management at Cambridge Judge Business School, Paul Marsh and Mike Staunton, academics from the London Business School. The report was published by the Credit Suisse Research Institute, in collaboration with London Business School.

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