<p>罪惡的代價可能是死亡，但在這過程中也有很多利潤可圖。罪惡股往往是很好的投資，因為它們往往抗衡經濟衰退。例如，酒精銷售在艱難時期往往不會下降，因為無論經濟狀況如何，人們都會繼續飲酒。</p>
<p>在 1990 年至 1991 年的衰退期間，<strong>康斯泰利亞品牌</strong>（NYSE:<strong>STZ</strong>）上漲了 11%，而 <strong>標普 500 指數</strong> 僅上漲了 3%。再次在 2001 年，這家酒精飲料公司上漲了 34%，而基準指數下跌了 13%。</p>
<p>儘管疫情時代是一個不同的故事，因為它具有獨特的情況，但例外證明了規則。一般來説，罪惡股在經濟衰退期間蓬勃發展。</p>
<p>我們現在可能不處於衰退中，但隨着美聯儲採取措施應對通貨膨脹，我們可能會進入衰退。然而，以下三家罪惡股看起來是極好的全天候投資。</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>來源：Michael Neil Thomas / Shutterstock.com</p>
<p>賭場運營商 <strong>MGM 度假村</strong>（NYSE:<strong>MGM</strong>）在拉斯維加斯大道擁有重要的物業，包括 MGM 大酒店、曼德勒灣和貝利奧。它還擁有澳門的物業，這是中國唯一合法賭博的地方。</p>
<p>在疫情爆發前，澳門是世界上最大的賭博市場，但北京以威權方式應對冠狀病毒爆發，摧毀了市場。四年後，市場才剛剛開始走出政府創造的深坑。</p>
<p>大道收入在第一季度增長了 3.6%，達到 22 億美元，而其中國度假村同比激增 71%，達到近 11 億美元。大西洋城等地區市場出現疲軟，導致收入下降了 7.5%，但 MGM 賭場的整體健康狀況非常好。</p>
<p>MGM 還與 <strong>Entain</strong>（OTCMKTS:<strong>GMVHY</strong>）合作經營着一個蓬勃發展的體育書和 iGaming 合資企業，去年實現了首次盈利。然而，在最新季度又陷入虧損。儘管如此，它仍然是第三大體育書，佔比約 14%，落後於 <strong>DraftKings</strong>（NASDAQ:<strong>DKNG</strong>）和 <strong>Flutter Entertainment</strong>（NYSE:<strong>FLUT</strong>）的 FanDuel，每家佔比約 35%。</p>
<p>MGM 度假村股票過去一年僅上漲了 1%。它的股價相對於收益、銷售和自由現金流（FCF）有顯著折扣。無論牛市是否持續，或者我們是否陷入衰退，現在都是一個很好的罪惡股買入時機。</p>
<h2>菲利普莫里斯國際（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>來源：Vytautas Kielaitis / Shutterstock</p>
<p>全球煙草巨頭 <strong>菲利普莫里斯國際</strong>（NYSE:<strong>PM</strong>）是中國以外的全球最大的香煙製造商。在這家煙草公司於 2007 年從 <strong>阿爾特利亞</strong>（NYSE:<strong>MO</strong>）分拆出來後，它在全球市場推廣了萬寶路品牌（和其他品牌），而其前母公司專注於美國市場。然而，電子煙的出現讓菲利普莫里斯有機會進入國內市場。</p>
<p>通過與阿爾特利亞的分銷合作，菲利普莫里斯的領先 IQOS 品牌加熱煙草電子煙在美國銷售。很快，它被 <strong>英美煙草</strong>（NYSE:<strong>BTI</strong>）起訴侵犯專利。國際貿易委員會同意，導致進口禁令以及與阿爾特利亞的合作關係破裂。</p>
<p>然而，菲利普莫里斯正在通過在美國製造 IQOS 設備來規避進口禁令。德克薩斯州的設施正在建設中，預計將於 2025 年推出。</p>
<p>然而，傳統香煙仍佔菲利普莫里斯絕大部分的收入。有機銷售同比增長 11%，達到 88 億美元，而營業利潤大幅增長 22%。儘管香煙出貨量基本持平，但加熱煙草單位同比增長了 21%。</p>
<p>菲利普莫里斯國際股票在 2024 年上漲了 9%。以 14 倍的盈利預期和兩倍的銷售額交易，這家煙草罪惡股是值得投資的。</p>
<h2>創新工業地產（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>來源：Shutterstock</p>
<p>大麻房地產投資信託（REIT）<strong>創新工業地產</strong>（NYSE:<strong>IIPR</strong>）是第三家值得考慮購買的罪惡股。無論是否處於衰退，或者您認為大麻是 “罪惡的”，您都應該擁有它。因為它實際上並不種植或銷售大麻，而是擁有醫用大麻公司的房地產，您可以毫無顧慮地購買 IIPR 股票。</p>
<p>創新工業地產是僅有的兩家專注於大麻市場的 REIT 之一，也是最大的一家。IIPR 在 19 個州擁有 108 個物業，約 890 萬平方英尺的可租賃面積。它以平均近 15 年的長期租約運營。這讓投資者相信，它將在未來幾年內獲得穩定可靠的收入流。</p>
<p>由於大麻股票被禁止使用傳統融資來源，它們轉向創新工業進行融資。大麻被重新分類為 III 類藥物可能會為大麻股票開闢更多機會。然而，由於反洗錢和敲詐勒索法，貸款人仍然可能持謹慎態度。</p>
<p>即便如此，大麻公司可能更願意與瞭解他們業務的機構打交道。創新工業地產將繼續是一個具有長期增長潛力的罪惡股。</p>
<p>_在發佈日期，Rich Duprey 持有 MO 股票的多頭頭寸。本文中表達的觀點屬於作者個人，遵守 InvestorPlace.com 的發佈準則。</p>
<p><em>在發佈日期，負責編輯在本文提到的證券中沒有（直接或間接）任何持倉。</em></p>
<p>Rich Duprey 已經寫了 20 年關於股票和投資的文章。他的文章曾出現在 Nasdaq.com、The Motley Fool 和 Yahoo! Finance 上，並被美國和國際媒體引用，包括 MarketWatch、Financial Times、Forbes、Fast Company、USA Today、Milwaukee Journal Sentinel、Cheddar News、The Boston Globe、L’Express 等眾多新聞媒體。</p>
<p>成長股</p>

美高梅中國

菲利普莫里斯

<p>像美高梅度假村、菲利普莫里斯國際和創新工業地產這樣的罪惡股因其抗衰退的特性而被視為潛在投資標的。美高梅度假村在拉斯維加斯和澳門擁有物業，而菲利普莫里斯國際是全球最大的香煙製造商。創新工業地產是一家大麻房地產投資信託公司。這些股票為投資者提供了無論經濟狀況如何都有機會的投資機會</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>罪惡的代價可能是死亡，但在這過程中也有很多利潤可圖。罪惡股往往是很好的投資，因為它們往往抗衡經濟衰退。例如，酒精銷售在艱難時期往往不會下降，因為無論經濟狀況如何，人們都會繼續飲酒。</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 年的衰退期間，<strong>康斯泰利亞品牌</strong>（NYSE:<strong>STZ</strong>）上漲了 11%，而 <strong>標普 500 指數</strong> 僅上漲了 3%。再次在 2001 年，這家酒精飲料公司上漲了 34%，而基準指數下跌了 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>儘管疫情時代是一個不同的故事，因為它具有獨特的情況，但例外證明了規則。一般來説，罪惡股在經濟衰退期間蓬勃發展。</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>我們現在可能不處於衰退中，但隨着美聯儲採取措施應對通貨膨脹，我們可能會進入衰退。然而，以下三家罪惡股看起來是極好的全天候投資。</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>來源：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>賭場運營商 <strong>MGM 度假村</strong>（NYSE:<strong>MGM</strong>）在拉斯維加斯大道擁有重要的物業，包括 MGM 大酒店、曼德勒灣和貝利奧。它還擁有澳門的物業，這是中國唯一合法賭博的地方。</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>在疫情爆發前，澳門是世界上最大的賭博市場，但北京以威權方式應對冠狀病毒爆發，摧毀了市場。四年後，市場才剛剛開始走出政府創造的深坑。</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長了 3.6%，達到 22 億美元，而其中國度假村同比激增 71%，達到近 11 億美元。大西洋城等地區市場出現疲軟，導致收入下降了 7.5%，但 MGM 賭場的整體健康狀況非常好。</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 還與 <strong>Entain</strong>（OTCMKTS:<strong>GMVHY</strong>）合作經營着一個蓬勃發展的體育書和 iGaming 合資企業，去年實現了首次盈利。然而，在最新季度又陷入虧損。儘管如此，它仍然是第三大體育書，佔比約 14%，落後於 <strong>DraftKings</strong>（NASDAQ:<strong>DKNG</strong>）和 <strong>Flutter Entertainment</strong>（NYSE:<strong>FLUT</strong>）的 FanDuel，每家佔比約 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 度假村股票過去一年僅上漲了 1%。它的股價相對於收益、銷售和自由現金流（FCF）有顯著折扣。無論牛市是否持續，或者我們是否陷入衰退，現在都是一個很好的罪惡股買入時機。</p>
</div><h2>Philip Morris International (PM)</h2>
<div class="lb-trans"><h2>菲利普莫里斯國際（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>來源：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>全球煙草巨頭 <strong>菲利普莫里斯國際</strong>（NYSE:<strong>PM</strong>）是中國以外的全球最大的香煙製造商。在這家煙草公司於 2007 年從 <strong>阿爾特利亞</strong>（NYSE:<strong>MO</strong>）分拆出來後，它在全球市場推廣了萬寶路品牌（和其他品牌），而其前母公司專注於美國市場。然而，電子煙的出現讓菲利普莫里斯有機會進入國內市場。</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>通過與阿爾特利亞的分銷合作，菲利普莫里斯的領先 IQOS 品牌加熱煙草電子煙在美國銷售。很快，它被 <strong>英美煙草</strong>（NYSE:<strong>BTI</strong>）起訴侵犯專利。國際貿易委員會同意，導致進口禁令以及與阿爾特利亞的合作關係破裂。</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過在美國製造 IQOS 設備來規避進口禁令。德克薩斯州的設施正在建設中，預計將於 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，傳統香煙仍佔菲利普莫里斯絕大部分的收入。有機銷售同比增長 11%，達到 88 億美元，而營業利潤大幅增長 22%。儘管香煙出貨量基本持平，但加熱煙草單位同比增長了 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>菲利普莫里斯國際股票在 2024 年上漲了 9%。以 14 倍的盈利預期和兩倍的銷售額交易，這家煙草罪惡股是值得投資的。</p>
</div><h2>Innovative Industrial Properties (IIPR)</h2>
<div class="lb-trans"><h2>創新工業地產（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>來源：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>大麻房地產投資信託（REIT）<strong>創新工業地產</strong>（NYSE:<strong>IIPR</strong>）是第三家值得考慮購買的罪惡股。無論是否處於衰退，或者您認為大麻是 “罪惡的”，您都應該擁有它。因為它實際上並不種植或銷售大麻，而是擁有醫用大麻公司的房地產，您可以毫無顧慮地購買 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>創新工業地產是僅有的兩家專注於大麻市場的 REIT 之一，也是最大的一家。IIPR 在 19 個州擁有 108 個物業，約 890 萬平方英尺的可租賃面積。它以平均近 15 年的長期租約運營。這讓投資者相信，它將在未來幾年內獲得穩定可靠的收入流。</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>由於大麻股票被禁止使用傳統融資來源，它們轉向創新工業進行融資。大麻被重新分類為 III 類藥物可能會為大麻股票開闢更多機會。然而，由於反洗錢和敲詐勒索法，貸款人仍然可能持謹慎態度。</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，大麻公司可能更願意與瞭解他們業務的機構打交道。創新工業地產將繼續是一個具有長期增長潛力的罪惡股。</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>_在發佈日期，Rich Duprey 持有 MO 股票的多頭頭寸。本文中表達的觀點屬於作者個人，遵守 InvestorPlace.com 的發佈準則。</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>在發佈日期，負責編輯在本文提到的證券中沒有（直接或間接）任何持倉。</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 已經寫了 20 年關於股票和投資的文章。他的文章曾出現在 Nasdaq.com、The Motley Fool 和 Yahoo! Finance 上，並被美國和國際媒體引用，包括 MarketWatch、Financial Times、Forbes、Fast Company、USA Today、Milwaukee Journal Sentinel、Cheddar News、The Boston Globe、L’Express 等眾多新聞媒體。</p>
</div><p>Growth Stocks</p>
<div class="lb-trans"><p>成長股</p>
</div>

3 只令人興奮的罪惡股票，購買以獲得豐厚回報