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Vice Investing; Invest and profit from other peoples bad habits. Bottom line, some of the best companies in the world to invest in actually make vices that many of us around the world consume; alcohol, tobacco, gaming/gambling, defense/weapons, etc.. Vice investing has outperformed broad indices; active investment management can outperform passive with the right investment approach. Low turnover and lower Beta make this fund appealing to many investors. The companies owned in these portfolios are large, well capitalized, value oriented, and have moats around their businesses as Warren Buffet would often times suggest.