Kacperczyk pointed to Altria Group (formerly Philip Morris), the corporate parent of Marlboro, as an example of a sin stock beating the market.

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Chris Richey: We're biased, but we think the greatest sin in modern American stock investing is the fact that both U.S. individual and institutional investors are typically over-exposed to and over-diversified in the U.S. market while being significantly under-exposed to International stock markets.

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