Investment advisor has launched a new no-load product, the Vice Fund, that invests only in alcohol, gambling, tobacco and defense stocks. No other funds employ such a strategy, the company said. refers to the product as a "socially irresponsible" fund – a tongue-in-cheek reference to the so-called socially responsible funds offered by the likes of Domini Social Investments and Citizens Funds. Those companies are known to eschew tobacco, alcohol and other stocks that some investors deem socially harmful.

Conversely, said in a statement that such industries are "recession-proof" and that "companies in these industries, if managed correctly, will continue to experience significant capital appreciation during good and bad markets." has posted information about the product, which requires a minimum investment of $2,500, at The Web site includes a picture of a glass of Scotch and a burning cigarette. The fund’s mantra: "When it’s good, it’s very, very good. When it’s bad, it’s better."

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