Categories

Thirteen vice categories.

Each industry has a defined inclusion rule, value-chain map, exposure test, operating signals, underwriting variables, failure conditions, monitoring triggers, and current company research coverage.

Vice industries: Tobacco and nicotine, Alcoholic beverages, Casinos, online gambling, and sports betting, Cannabis, Firearms and ammunition, Defense contractors, Private prisons and detention services, Oil, gas, coal, and mining, Data brokers and surveillance technology, Payday lending and high-cost consumer finance, Adult entertainment, Addictive platforms, Fast food, snack foods, and sugary beverages.

Details

  1. Industry framework

    All 13 industries use the same research structure.

  2. Company coverage

    The public screen contains multiple companies per industry, subject to continuing classification and filing review.

  3. Boundary

    Research coverage is public. Holdings, rankings, position sizes, signals, and execution controls stay private.

Thirteen vice categories

  1. Tobacco and nicotine

    Public companies with direct, majority-owned, or economically material exposure to nicotine products or nicotine-led distribution.

    4 companies in the current research screen.

  2. Alcoholic beverages

    Public producers and distributors whose primary economics come from beer, wine, spirits, or alcohol-led venues.

    4 companies in the current research screen.

  3. Casinos, online gambling, and sports betting

    Public operators and suppliers with direct revenue from casinos, online gambling, sportsbooks, gaming machines, or wagering data.

    6 companies in the current research screen.

  4. Cannabis

    Public cannabis operators, cultivators, retailers, and cannabis-specific real-estate businesses with direct industry revenue.

    5 companies in the current research screen.

  5. Firearms and ammunition

    Public companies whose primary business is civilian firearms, ammunition, components, accessories, or specialist retail.

    3 companies in the current research screen.

  6. Defense contractors

    Public contractors with direct and material revenue from military systems, defense technology, shipbuilding, or defense services.

    5 companies in the current research screen.

  7. Private prisons and detention services

    Public operators and owners of correctional, detention, reentry, transport, monitoring, or related government-contracted services.

    2 companies in the current research screen.

  8. Oil, gas, coal, and mining

    Public companies with direct exposure to oil, gas, coal, mining, pipelines, refining, or related extraction services.

    6 companies in the current research screen.

  9. Data brokers and surveillance technology

    Public companies whose products materially depend on data brokerage, identity resolution, monitoring, tracking, surveillance hardware, or surveillance software.

    4 companies in the current research screen.

  10. Payday lending and high-cost consumer finance

    Public lenders and specialty-finance companies with direct exposure to payday, pawn, title, high-cost installment, or collection economics.

    4 companies in the current research screen.

  11. Adult entertainment

    Public companies with direct revenue from adult entertainment, adult media, adult clubs, licensing, or adult-specific platforms.

    2 companies in the current research screen.

  12. Addictive platforms

    Public consumer platforms whose economics depend on sustained attention, engagement, social interaction, streaming, or in-app spending.

    5 companies in the current research screen.

  13. Fast food, snack foods, and sugary beverages

    Public companies whose primary economics come from fast food, snacks, confectionery, sugary beverages, or processed packaged food.

    6 companies in the current research screen.