The Ethics of Tobacco Investing Revisited

A great question from reader Joe left as a comment on a previous article:


This question isn’t directly related to this post but I’d still like to get your thoughts on an investing concern that has been on my mind lately. To what extent do you view your investing life as an extension of your personal life?By that I mean to what extent do the personal morals and ethical values of Tim the man govern the investing decisions of Tim the dividend growth investor?If you ask your typical dividend growth investor if they would be willing to invest in a lucrative but immoral venture, say selling child pornography or crack cocaine, the answer would probably be “absolutely not” regardless of the yield, valuation or growth prospects of the underlying venture.And yet, ask that same investor what their thoughts are about Phillip Morris and they would probably describe what a

Read the rest of this article!