道德与投资（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.
无烟区：
在我个人的投资组合中，我唯一不碰的是烟草业。当你有意常吸烟草时，它会带来疾病和痛苦，而其它的大多只有在滥用时才会带来麻烦。
顾客的投资组合就是另一回事了。当你为别人理财时，你的任务就是要取得最好的业绩。多尔夫曼投资公司中没有烟草股，但我是德雷曼价值管理公司――一个理财公司――选股委员会的委员，该公司却持有烟草股。
据芝加哥的一家调研公司――晨星股份有限公司的跟踪调查，就业绩来讲，80家“对社会负责”的共同基金在直至10月份的过去5年的年平均收益是15％。与之相比，同阶段美国所有的证券基金的平均收益是18％，标准普尔500指数的平均收益是26％。
在我的公司和许多其他公司中，客户有他们自己各自的考虑，他们能明确指定他们的道德禁忌。我的一位客户就不愿持有武器股，所以我不会为她买进诸如洛克希德・马丁公司、利顿工业公司、考顿科技公司或卡曼公司的股票，但这类股票会出现在许多其他客户的投资组合中。
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