Alcohol and cigarette stocks have more in common than investors like to admit.
The FDA is advancing a plan to ban menthol cigarettes, which it says are harder to quit. WSJ’s Jennifer Maloney explains why the Biden administration wants to stop them from being sold, and why critics say a ban could have unintended consequences. Illustration: Jacob ReynoldsSome sin stocks seem to be easier to forgive than others. Investors’ fondness for liquor over cigarettes is a puzzle, even if it shows little immediate sign of changing.
The tobacco sector shows how quickly popular investments can sour if regulators decide to crack down on addictive consumer products. Five years ago, big cigarette stocks were trading at 19 times projected earnings on average, having generated total annual shareholder returns above 20% since 2000—more than four times the S&P 500 average.
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