Vice has historically been a virtue in turbulent investment times, but the current recession might stretch the patience even of the Devil.

In previous downturns, tobacco, gambling and alcohol could almost always be relied on to beat the index. Analysis released in November by Merrill Lynch shows that, during the six recessions since 1970, alcohol, tobacco and casino stocks have, on average, returned 11%, compared with a 1.5% loss for the S&P 500.