I've got to disagree Dan, I continue to be bullish in general towards alcohol. While I know in these uncertain times there is a definite feeling of comfort that can be taken away from being "safe" with water, the alpha that can be generated through a sizable alcohol position (fortune brands per chance?) can make your year. My personal recommendation is to go overweight alcohol (running is a be a suitable hedge, or a better diet could be an appropriate alternative). I'm strongly underweight tobacco. I'd be biased to the downside on memory retention and overall health, while I'd be a buyer of open bars (what a sickkkk yield).
-N.H.
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