Van Alen: At the Noah Fund, we believe that more and more investors are looking to invest in accordance with their spiritual and moral beliefs. Is it the Vice Fund's belief that investors are just looking to make a profit?

Ahrens: First of all, I want to say I think people should donate time and money to good causes that they believe in. I think people should recycle. But investing is for the purpose of making money. These vices are legal and we believe people are going to drink, smoke and gamble no matter what is going on with the economy.

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