Thesis

Vice cash flows do not disappear because people dislike them.

Tommy The Hamburger's Bad Money Fund studies businesses people dislike, regulate, tax, sue, and still keep paying.

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. Revenue

    The fund studies spending that survives stigma, regulation, lawsuits, taxes, and public disgust.

  2. Risk

    Debt, policy shocks, litigation, headline risk, and weak evidence stay visible.

  3. Boundary

    Company selection, buy size, timing, and operating controls stay private.