Investing in sin stocks- is it naughty or just vice? Bill Van Alen, president and CEO of the Noah Fund, a Biblical-values based fund, believes people should invest according to their religious beliefs, while Dan Ahrens, co-portfolio manager of the Vice Fund and author of "Investing in Vice: The Recession-Proof Portfolio of Booze, Bets, Bombs, and Butts," thinks money is the bottom line for investors.

While on opposite sides of the spectrum, both funds have carved a niche for themselves in the mutual fund world. Money Management Executive Associate Editor Chris Frankie sat down with both Van Alen and Ahrens to mediate a crossfire between the two parties. Van Alen first took a stab at interviewing Ahrens, then we turned the tables and put Ahrens in the driver's seat. The following is an edited version of their spirited interviews.

Copyright 2003 Thomson Media Inc. All Rights Reserved.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.