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Vice Squad is open. The bet the ESG crowd will not make: gambling, alcohol, tobacco have beaten the S&P over almost every multi-decade window, precisely because the funds forced to dump them hand you the discount. Holding the leaders: Flutter and DraftKings, the casinos, Constellation and Diageo, Philip Morris riding the Zyn wave. Counter-cyclical, moat-protected, dividend-rich. Bought the basket on a red day. The house always wins.

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