This post was also featured at Fortune Financial Advisors

Written by Lawrence Hamtil and Daniel Sotiroff with help from Alpha Architect’s Jack Vogel and Severian Asset’s Sam Lee

In the first installment in this series, we discussed how, contrary to conventional wisdom, the most profitable industries historically have tended to be not the companies most closely associated with technological innovation, but rather those that are least subject to disruption. In other words, industries such as tobacco and beer have tended have higher risk-adjusted returns than more glamorous industries such as software and financials.

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