We're more than happy to profit from short-term fluctuations, and we think this morning's dramatic drop is very short-term.
There's always going to be short-term fluctuations. But we think they're going to do well in all types of markets.
The overall industry is a boom industry. It has demographics and favorable growth prospects on its side, ... Valuations may get ahead of themselves sometimes but that's only a concern for the short term.
We've often been asked about sex-related industry -- pornography. There are not great stocks and great corporations to invest in [within] that industry. Maybe they don't want people looking at their books, maybe they're not solid financially.
The gains over the past year have been exceptional, and no one should consider them continuing at quite that rate. That being said, I think that gaming in particular does have continuing upside potential because of pure supply and demand factors.
People are going to continue to drink. They're going to continue to smoke. They're going to continue to gamble.
Anybody that doesn't like this industry is a fool that's not up to date on what teens and young adults are buying these days.
I certainly resigned on my own volition without notice, ... I can say that I certainly didn't leave specifically for the purpose of setting up my own adviser.
I believe that I am recognized as an expert in these various industries, ... Investing in Vice, The Recession-Proof Portfolio of Booze, Bets, Bombs and Butts.