道德與投資（二）
Smoke-Free Zone
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.
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.
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.
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.
無煙區：
在我個人的投資組合中，我唯一不碰的是煙草業。當你有意常吸煙草時，它會帶來疾病和痛苦，而其它的大多只有在濫用時才會帶來麻煩。
顧客的投資組合就是另一回事了。當你為別人理財時，你的任務就是要取得最好的業績。多爾夫曼投資公司中沒有煙草股，但我是德雷曼價值管理公司――一個理財公司――選股委員會的委員，該公司卻持有煙草股。
據芝加哥的一家調研公司――晨星股份有限公司的跟蹤調查，就業績來講，80家“對社會負責”的共同基金在直至10月份的過去5年的年平均收益是15％。與之相比，同階段美國所有的證券基金的平均收益是18％，標準普爾500指數的平均收益是26％。
在我的公司和許多其他公司中，客戶有他們自己各自的考慮，他們能明確指定他們的道德禁忌。我的一位客戶就不愿持有武器股，所以我不會為她買進諸如洛克希德?馬丁公司、利頓工業公司、考頓科技公司或卡曼公司的股票，但這類股票會出現在許多其他客戶的投資組合中。
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