<p>罪恶的代价可能是死亡，但在这过程中也有很多利润可图。罪恶股往往是很好的投资，因为它们往往抗衡经济衰退。例如，酒精销售在艰难时期往往不会下降，因为无论经济状况如何，人们都会继续饮酒。</p>
<p>在 1990 年至 1991 年的衰退期间，<strong>康斯泰利亚品牌</strong>（NYSE:<strong>STZ</strong>）上涨了 11%，而 <strong>标普 500 指数</strong> 仅上涨了 3%。再次在 2001 年，这家酒精饮料公司上涨了 34%，而基准指数下跌了 13%。</p>
<p>尽管疫情时代是一个不同的故事，因为它具有独特的情况，但例外证明了规则。一般来说，罪恶股在经济衰退期间蓬勃发展。</p>
<p>我们现在可能不处于衰退中，但随着美联储采取措施应对通货膨胀，我们可能会进入衰退。然而，以下三家罪恶股看起来是极好的全天候投资。</p>
<h2>MGM 度假村（MGM）</h2>
<p><img src="https://imageproxy.pbkrs.com/https://investorplace.com/wp-content/plugins/lazy-load/images/1x1.trans.gif?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://investorplace.com/wp-content/plugins/lazy-load/images/1x1.trans.gif"/></p>
<p>来源：Michael Neil Thomas / Shutterstock.com</p>
<p>赌场运营商 <strong>MGM 度假村</strong>（NYSE:<strong>MGM</strong>）在拉斯维加斯大道拥有重要的物业，包括 MGM 大酒店、曼德勒湾和贝利奥。它还拥有澳门的物业，这是中国唯一合法赌博的地方。</p>
<p>在疫情爆发前，澳门是世界上最大的赌博市场，但北京以威权方式应对冠状病毒爆发，摧毁了市场。四年后，市场才刚刚开始走出政府创造的深坑。</p>
<p>大道收入在第一季度增长了 3.6%，达到 22 亿美元，而其中国度假村同比激增 71%，达到近 11 亿美元。大西洋城等地区市场出现疲软，导致收入下降了 7.5%，但 MGM 赌场的整体健康状况非常好。</p>
<p>MGM 还与 <strong>Entain</strong>（OTCMKTS:<strong>GMVHY</strong>）合作经营着一个蓬勃发展的体育书和 iGaming 合资企业，去年实现了首次盈利。然而，在最新季度又陷入亏损。尽管如此，它仍然是第三大体育书，占比约 14%，落后于 <strong>DraftKings</strong>（NASDAQ:<strong>DKNG</strong>）和 <strong>Flutter Entertainment</strong>（NYSE:<strong>FLUT</strong>）的 FanDuel，每家占比约 35%。</p>
<p>MGM 度假村股票过去一年仅上涨了 1%。它的股价相对于收益、销售和自由现金流（FCF）有显著折扣。无论牛市是否持续，或者我们是否陷入衰退，现在都是一个很好的罪恶股买入时机。</p>
<h2>菲利普莫里斯国际（PM）</h2>
<p><img src="https://imageproxy.pbkrs.com/https://investorplace.com/wp-content/plugins/lazy-load/images/1x1.trans.gif?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://investorplace.com/wp-content/plugins/lazy-load/images/1x1.trans.gif"/></p>
<p>来源：Vytautas Kielaitis / Shutterstock</p>
<p>全球烟草巨头 <strong>菲利普莫里斯国际</strong>（NYSE:<strong>PM</strong>）是中国以外的全球最大的香烟制造商。在这家烟草公司于 2007 年从 <strong>阿尔特利亚</strong>（NYSE:<strong>MO</strong>）分拆出来后，它在全球市场推广了万宝路品牌（和其他品牌），而其前母公司专注于美国市场。然而，电子烟的出现让菲利普莫里斯有机会进入国内市场。</p>
<p>通过与阿尔特利亚的分销合作，菲利普莫里斯的领先 IQOS 品牌加热烟草电子烟在美国销售。很快，它被 <strong>英美烟草</strong>（NYSE:<strong>BTI</strong>）起诉侵犯专利。国际贸易委员会同意，导致进口禁令以及与阿尔特利亚的合作关系破裂。</p>
<p>然而，菲利普莫里斯正在通过在美国制造 IQOS 设备来规避进口禁令。德克萨斯州的设施正在建设中，预计将于 2025 年推出。</p>
<p>然而，传统香烟仍占菲利普莫里斯绝大部分的收入。有机销售同比增长 11%，达到 88 亿美元，而营业利润大幅增长 22%。尽管香烟出货量基本持平，但加热烟草单位同比增长了 21%。</p>
<p>菲利普莫里斯国际股票在 2024 年上涨了 9%。以 14 倍的盈利预期和两倍的销售额交易，这家烟草罪恶股是值得投资的。</p>
<h2>创新工业地产（IIPR）</h2>
<p><img src="https://imageproxy.pbkrs.com/https://investorplace.com/wp-content/plugins/lazy-load/images/1x1.trans.gif?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://investorplace.com/wp-content/plugins/lazy-load/images/1x1.trans.gif"/></p>
<p>来源：Shutterstock</p>
<p>大麻房地产投资信托（REIT）<strong>创新工业地产</strong>（NYSE:<strong>IIPR</strong>）是第三家值得考虑购买的罪恶股。无论是否处于衰退，或者您认为大麻是 “罪恶的”，您都应该拥有它。因为它实际上并不种植或销售大麻，而是拥有医用大麻公司的房地产，您可以毫无顾虑地购买 IIPR 股票。</p>
<p>创新工业地产是仅有的两家专注于大麻市场的 REIT 之一，也是最大的一家。IIPR 在 19 个州拥有 108 个物业，约 890 万平方英尺的可租赁面积。它以平均近 15 年的长期租约运营。这让投资者相信，它将在未来几年内获得稳定可靠的收入流。</p>
<p>由于大麻股票被禁止使用传统融资来源，它们转向创新工业进行融资。大麻被重新分类为 III 类药物可能会为大麻股票开辟更多机会。然而，由于反洗钱和敲诈勒索法，贷款人仍然可能持谨慎态度。</p>
<p>即便如此，大麻公司可能更愿意与了解他们业务的机构打交道。创新工业地产将继续是一个具有长期增长潜力的罪恶股。</p>
<p>_在发布日期，Rich Duprey 持有 MO 股票的多头头寸。本文中表达的观点属于作者个人，遵守 InvestorPlace.com 的发布准则。</p>
<p><em>在发布日期，负责编辑在本文提到的证券中没有（直接或间接）任何持仓。</em></p>
<p>Rich Duprey 已经写了 20 年关于股票和投资的文章。他的文章曾出现在 Nasdaq.com、The Motley Fool 和 Yahoo! Finance 上，并被美国和国际媒体引用，包括 MarketWatch、Financial Times、Forbes、Fast Company、USA Today、Milwaukee Journal Sentinel、Cheddar News、The Boston Globe、L’Express 等众多新闻媒体。</p>
<p>成长股</p>

美高梅中国

菲利普莫里斯

<p>像美高梅度假村、菲利普莫里斯国际和创新工业地产这样的罪恶股因其抗衰退的特性而被视为潜在投资标的。美高梅度假村在拉斯维加斯和澳门拥有物业，而菲利普莫里斯国际是全球最大的香烟制造商。创新工业地产是一家大麻房地产投资信托公司。这些股票为投资者提供了无论经济状况如何都有机会的投资机会</p>

<p>The wages of sin may be death but there is a lot of profit to be made along the way. Sin stocks are often great investments because they tend to be recession-resistant. Alcohol sales, for instance, tend not to decline during tough times because people continue to drink regardless of economic conditions.</p>
<div class="lb-trans"><p>罪恶的代价可能是死亡，但在这过程中也有很多利润可图。罪恶股往往是很好的投资，因为它们往往抗衡经济衰退。例如，酒精销售在艰难时期往往不会下降，因为无论经济状况如何，人们都会继续饮酒。</p>
</div><p>During the recession of 1990 to 1991, <strong>Constellation Brands</strong> (NYSE:<strong>STZ</strong>) gained 11% compared to the <strong>S&amp;P 500</strong> rising just 3%. Again in 2001, the alcoholic beverage stock gained 34% versus the benchmark index tumbling 13%.</p>
<div class="lb-trans"><p>在 1990 年至 1991 年的衰退期间，<strong>康斯泰利亚品牌</strong>（NYSE:<strong>STZ</strong>）上涨了 11%，而 <strong>标普 500 指数</strong> 仅上涨了 3%。再次在 2001 年，这家酒精饮料公司上涨了 34%，而基准指数下跌了 13%。</p>
</div><p>Although the pandemic era was a different story because it of its unique circumstances, the exception proves the rule. Generally speaking, sin stocks thrive during recessions.</p>
<div class="lb-trans"><p>尽管疫情时代是一个不同的故事，因为它具有独特的情况，但例外证明了规则。一般来说，罪恶股在经济衰退期间蓬勃发展。</p>
</div><p>We may not be in a recession now but with the Federal Reserve stepping on the brakes to combat inflation, we may have one yet. The following three sin stocks, however, look like terrific, all-weather investments.</p>
<div class="lb-trans"><p>我们现在可能不处于衰退中，但随着美联储采取措施应对通货膨胀，我们可能会进入衰退。然而，以下三家罪恶股看起来是极好的全天候投资。</p>
</div><h2>MGM Resorts (MGM)</h2>
<div class="lb-trans"><h2>MGM 度假村（MGM）</h2>
</div><p><img src="https://imageproxy.pbkrs.com/https://investorplace.com/wp-content/plugins/lazy-load/images/1x1.trans.gif" alt="" original-src="https://investorplace.com/wp-content/plugins/lazy-load/images/1x1.trans.gif"/></p>
<p>Source: Michael Neil Thomas / Shutterstock.com</p>
<div class="lb-trans"><p>来源：Michael Neil Thomas / Shutterstock.com</p>
</div><p>Casino operator <strong>MGM Resorts</strong> (NYSE:<strong>MGM</strong>) owns important properties on the Las Vegas Strip, including MGM Grand, Mandalay Bay and Bellagio. It also owns properties in Macau, the only place in China where it is legal to gamble.</p>
<div class="lb-trans"><p>赌场运营商 <strong>MGM 度假村</strong>（NYSE:<strong>MGM</strong>）在拉斯维加斯大道拥有重要的物业，包括 MGM 大酒店、曼德勒湾和贝利奥。它还拥有澳门的物业，这是中国唯一合法赌博的地方。</p>
</div><p>Before the pandemic, Macau was the largest gambling market in the world, but the authoritarian way Beijing responded to the coronavirus outbreak decimated the market. Four years later, it is only just climbing out of the smoking crater the government created.</p>
<div class="lb-trans"><p>在疫情爆发前，澳门是世界上最大的赌博市场，但北京以威权方式应对冠状病毒爆发，摧毁了市场。四年后，市场才刚刚开始走出政府创造的深坑。</p>
</div><p>Strip revenue rose 3.6% in the first quarter to over $2.2 billion while its China resorts surged 71% year over year to almost $1.1 billion. There was weakness in regional markets, such as in Atlantic City, that caused revenue to decline 7.5% but the overall health of MGM’s casinos is superb.</p>
<div class="lb-trans"><p>大道收入在第一季度增长了 3.6%，达到 22 亿美元，而其中国度假村同比激增 71%，达到近 11 亿美元。大西洋城等地区市场出现疲软，导致收入下降了 7.5%，但 MGM 赌场的整体健康状况非常好。</p>
</div><p>MGM also operates a thriving sportsbook and iGaming joint venture with <strong>Entain</strong> (OTCMKTS:<strong>GMVHY</strong>) that turned its first profit last year. It did, however, slip back to losses again in the latest quarter. Still, it remains the third largest sportsbook with about a 14% share behind <strong>DraftKings</strong> (NASDAQ:<strong>DKNG</strong>) and <strong>Flutter Entertainment’s</strong> (NYSE:<strong>FLUT</strong>) FanDuel, with each having about 35% share.</p>
<div class="lb-trans"><p>MGM 还与 <strong>Entain</strong>（OTCMKTS:<strong>GMVHY</strong>）合作经营着一个蓬勃发展的体育书和 iGaming 合资企业，去年实现了首次盈利。然而，在最新季度又陷入亏损。尽管如此，它仍然是第三大体育书，占比约 14%，落后于 <strong>DraftKings</strong>（NASDAQ:<strong>DKNG</strong>）和 <strong>Flutter Entertainment</strong>（NYSE:<strong>FLUT</strong>）的 FanDuel，每家占比约 35%。</p>
</div><p>MGM Resorts stock is up only 1% over the past year. It trades at significant discounts to earnings, sales and free cash flow (FCF). It is a great sin stock to buy now whether the bull market continues or we slide into a recession.</p>
<div class="lb-trans"><p>MGM 度假村股票过去一年仅上涨了 1%。它的股价相对于收益、销售和自由现金流（FCF）有显著折扣。无论牛市是否持续，或者我们是否陷入衰退，现在都是一个很好的罪恶股买入时机。</p>
</div><h2>Philip Morris International (PM)</h2>
<div class="lb-trans"><h2>菲利普莫里斯国际（PM）</h2>
</div><p><img src="https://imageproxy.pbkrs.com/https://investorplace.com/wp-content/plugins/lazy-load/images/1x1.trans.gif" alt="" original-src="https://investorplace.com/wp-content/plugins/lazy-load/images/1x1.trans.gif"/></p>
<p>Source: Vytautas Kielaitis / Shutterstock</p>
<div class="lb-trans"><p>来源：Vytautas Kielaitis / Shutterstock</p>
</div><p>Global tobacco giant <strong>Philip Morris International</strong> (NYSE:<strong>PM</strong>) is the world’s largest cigarette manufacturer outside of China. After the tobacco stock was spun off from <strong>Altria</strong> (NYSE:<strong>MO</strong>) in 2007, it marketed the Marlboro brand (and others) globally while its former parent focused on the U.S. market. The advent of electronic cigarettes, however, gave Philip Morris a nose under the tent to enter the domestic market.</p>
<div class="lb-trans"><p>全球烟草巨头 <strong>菲利普莫里斯国际</strong>（NYSE:<strong>PM</strong>）是中国以外的全球最大的香烟制造商。在这家烟草公司于 2007 年从 <strong>阿尔特利亚</strong>（NYSE:<strong>MO</strong>）分拆出来后，它在全球市场推广了万宝路品牌（和其他品牌），而其前母公司专注于美国市场。然而，电子烟的出现让菲利普莫里斯有机会进入国内市场。</p>
</div><p>Through a distribution partnership with Altria, Philip Morris’s leading IQOS brand of heated tobacco e-cigs were sold in the U.S. It was soon sued by <strong>British American Tobacco</strong> (NYSE:<strong>BTI</strong>) for patent violations. The International Trade Commission agreed, leading to an import ban and to its partnership with Altria to fall apart.</p>
<div class="lb-trans"><p>通过与阿尔特利亚的分销合作，菲利普莫里斯的领先 IQOS 品牌加热烟草电子烟在美国销售。很快，它被 <strong>英美烟草</strong>（NYSE:<strong>BTI</strong>）起诉侵犯专利。国际贸易委员会同意，导致进口禁令以及与阿尔特利亚的合作关系破裂。</p>
</div><p>Philip Morris is circumventing the import ban, though, by making the IQOS device in the U.S.A. The Texas facility is under construction, with a rollout expected for 2025.</p>
<div class="lb-trans"><p>然而，菲利普莫里斯正在通过在美国制造 IQOS 设备来规避进口禁令。德克萨斯州的设施正在建设中，预计将于 2025 年推出。</p>
</div><p>Yet traditional cigarettes still comprise the vast majority of Philip Morris’s revenue. Organic sales rose 11% year over year to $8.8 billion, while operating profits rocketed 22% higher. Although cigarette shipment volumes were essentially flat, heated tobacco units jumped 21% from the year-ago figure.</p>
<div class="lb-trans"><p>然而，传统香烟仍占菲利普莫里斯绝大部分的收入。有机销售同比增长 11%，达到 88 亿美元，而营业利润大幅增长 22%。尽管香烟出货量基本持平，但加热烟草单位同比增长了 21%。</p>
</div><p>Philip Morris International stock is up 9% in 2024. It trades at 14 times earnings estimates and twice its sales, the tobacco sin stock is an investment worth making.</p>
<div class="lb-trans"><p>菲利普莫里斯国际股票在 2024 年上涨了 9%。以 14 倍的盈利预期和两倍的销售额交易，这家烟草罪恶股是值得投资的。</p>
</div><h2>Innovative Industrial Properties (IIPR)</h2>
<div class="lb-trans"><h2>创新工业地产（IIPR）</h2>
</div><p><img src="https://imageproxy.pbkrs.com/https://investorplace.com/wp-content/plugins/lazy-load/images/1x1.trans.gif" alt="" original-src="https://investorplace.com/wp-content/plugins/lazy-load/images/1x1.trans.gif"/></p>
<p>Source: Shutterstock</p>
<div class="lb-trans"><p>来源：Shutterstock</p>
</div><p>Marijuana real estate investment trust (REIT) <strong>Innovative Industrial Properties</strong> (NYSE:<strong>IIPR</strong>) is the third sin stock to consider buying. It is also one you should own regardless of whether there is a recession or not or, if you consider cannabis to be “sinful.” Because it doesn’t actually grow or sell marijuana but rather owns the real estate under medical marijuana companies, you can buy IIPR stock with a clear conscience.</p>
<div class="lb-trans"><p>大麻房地产投资信托（REIT）<strong>创新工业地产</strong>（NYSE:<strong>IIPR</strong>）是第三家值得考虑购买的罪恶股。无论是否处于衰退，或者您认为大麻是 “罪恶的”，您都应该拥有它。因为它实际上并不种植或销售大麻，而是拥有医用大麻公司的房地产，您可以毫无顾虑地购买 IIPR 股票。</p>
</div><p>Innovative Industrial Properties is one of only two REITs focused on the cannabis market and, it is the biggest. IIPR owns 108 properties across 19 states with some 8.9 million rentable square feet. It operates under long-term leases, stretching out for nearly 15 years on average. That gives investors confidence it will have a steady and reliable stream of revenue for years to come.</p>
<div class="lb-trans"><p>创新工业地产是仅有的两家专注于大麻市场的 REIT 之一，也是最大的一家。IIPR 在 19 个州拥有 108 个物业，约 890 万平方英尺的可租赁面积。它以平均近 15 年的长期租约运营。这让投资者相信，它将在未来几年内获得稳定可靠的收入流。</p>
</div><p>Since marijuana stocks are prohibited from accessing traditional lending sources, they turn to Innovative Industrial for financing. The reclassification of cannabis as a Schedule III drug may open up more opportunities for pot stocks. Lenders, though, are still likely to be leery due to anti-money laundering and racketeering laws.</p>
<div class="lb-trans"><p>由于大麻股票被禁止使用传统融资来源，它们转向创新工业进行融资。大麻被重新分类为 III 类药物可能会为大麻股票开辟更多机会。然而，由于反洗钱和敲诈勒索法，贷款人仍然可能持谨慎态度。</p>
</div><p>Even so, marijuana companies may prefer dealing with an institution that understands their business. Innovative Industrial Properties will remain a sin stock with a long runway for growth.</p>
<div class="lb-trans"><p>即便如此，大麻公司可能更愿意与了解他们业务的机构打交道。创新工业地产将继续是一个具有长期增长潜力的罪恶股。</p>
</div><p><em>On the date of publication, Rich Duprey held a LONG position in MO stock. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.</em></p>
<div class="lb-trans"><p>_在发布日期，Rich Duprey 持有 MO 股票的多头头寸。本文中表达的观点属于作者个人，遵守 InvestorPlace.com 的发布准则。</p>
</div><p><em>On the date of publication, the responsible editor did not have (either directly or</em></p>
<p><em>indirectly) any positions in the securities mentioned in this article.</em></p>
<div class="lb-trans"><p><em>在发布日期，负责编辑在本文提到的证券中没有（直接或间接）任何持仓。</em></p>
</div><p>Rich Duprey has written about stocks and investing for the past 20 years. His articles have appeared on Nasdaq.com, The Motley Fool, and Yahoo! Finance, and he has been referenced by U.S. and international publications, including MarketWatch, Financial Times, Forbes, Fast Company, USA Today, Milwaukee Journal Sentinel, Cheddar News, The Boston Globe, L’Express, and numerous other news outlets.</p>
<div class="lb-trans"><p>Rich Duprey 已经写了 20 年关于股票和投资的文章。他的文章曾出现在 Nasdaq.com、The Motley Fool 和 Yahoo! Finance 上，并被美国和国际媒体引用，包括 MarketWatch、Financial Times、Forbes、Fast Company、USA Today、Milwaukee Journal Sentinel、Cheddar News、The Boston Globe、L’Express 等众多新闻媒体。</p>
</div><p>Growth Stocks</p>
<div class="lb-trans"><p>成长股</p>
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3 只令人兴奋的罪恶股票，购买以获得丰厚回报