NEW YORK (TheStreet) -- Call it a sign of the times -- tobacco stocks are considered best buys by at least one fund manager, Charles Norton who oversees the Vice Fund(VICEX).
Granted, Norton's specialty is investing in companies that capitalize on bad habits such as smoking and drinking.
Yet it still says something about the state of the economy that stocks such as Philip Morris International (PMI) are delivering great returns. (To read more of Norton's comments, click over to Gregg Greenberg's interview.)
According to Norton, global cigarette demand is "proving to be exceptionally resilient."
That explains the 7% jump in Philip Morris International, which holds the international rights to the top-selling Marlboro brand, and the 17% jump in shares of Altria (MO), which peddles Marlboros and other smokes in the U.S.
Click here to read more of Today's Outrage.
Thursday, August 13, 2009
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