Smoke-Free Zone
[6] In my personal portfolio, the only industry I won't invest in is tobacco. Tobacco causes disease and suffering when used as intended, whereas most of the others cause problems only when they are abused.
[7] Client portfolios are a different matter. When you are managing other people's money, your job is to maximize performance. We don't have any tobacco stocks at Dorfman Investments, but I'm on the stock selection committee for a money management firm, Dreman Value Management, that has tobacco holdings.
[8] As for performance, the 80 "socially responsible" mutual funds tracked by Morningstar Inc., the Chicago research company, returned 15 percent a year on average in the five years through October. That compares to an 18 percent return for all U. S. stock funds, and 26 percent for the Standard & Poor's 500 Index during the same period.
[9] At my firm, and many others, clients with their own separate accounts can specify whatever ethical restrictions they want. One of my clients doesn't want to own weapons stocks. For her, I won't buy stocks such as Lockheed Martin Corp., Litton Industries Inc., Cordant Technologies Inc. or Kaman Corp. But stocks of that type will be in many other clients' portfolios.
无烟区:
在我个人的投资组合中,我唯一不碰的是烟草业。当你有意常吸烟草时,它会带来疾病和痛苦,而其它的大多只有在滥用时才会带来麻烦。
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