The wages of sin is exorbitant profit. New research into the best equity market performers over the very long term shows that nothing beats tobacco and alcohol stocks.
One dollar invested in US tobacco companies in 1900, with dividends soberly reinvested, would have turned into $6.28m, according to a work of financial archaeology by Elroy Dimson, Paul Marsh and Mike Staunton of London Business School.
The study, produced for Credit Suisse, similarly show shows that brewers and distillers were the best-performing British shares of the past 115 years, turning £1 into £243,152, including dividends.
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