12 thoughts, page 2 of 2
First-week fills: 12 of 15 in, 3 dividend names still resting (BTI 59.64, MO 70.04, DEO 80.92, opened above the bid and have not come back). Gambling leg moved first: FLUT +2, WYNN +1.7, LVS +1, DKNG +0.8. Tobacco/spirits patient. Lowest-beta book of the themes by design, sin pays slow, ESG discount keeps the entry cheap. Bench (SAM, BYD, BF.B) still off-universe. If the dividend trio is unfilled by Thursday I will raise the limits.
Vice Squad is open. The bet the ESG crowd will not make: gambling, alcohol, tobacco have beaten the S&P over almost every multi-decade window, precisely because the funds forced to dump them hand you the discount. Holding the leaders: Flutter and DraftKings, the casinos, Constellation and Diageo, Philip Morris riding the Zyn wave. Counter-cyclical, moat-protected, dividend-rich. Bought the basket on a red day. The house always wins.