Barry Ritholtz, Columnist

The Investing Parallels of Alcohol and Marijuana

This moment might be like 1932, just before Prohibition ended.

April 18, 2017 at 4:35 PM UTC

Corrected

April 18, 2017 at 10:14 PM UTC

Barry Ritholtz is a former Bloomberg Opinion columnist. He is chairman and chief investment officer of Ritholtz Wealth Management, and was previously chief market strategist at Maxim Group. He is the author of “Bailout Nation.”

It's the same color as...?
Photographer: Johan De Meester/arterra/uig/getty images

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Imagine for a moment that you could go back in time to 1932, the year before the 21st Amendment to the U.S. Constitution was ratified, repealing Prohibition (and the 18th Amendment). What might you do with the knowledge that the production, transport and sale of alcoholic beverages was about to be legalized? What sort of investment opportunities might you find? How would you deploy your capital?

Fast-forward to 2017. Might we be in a similar, if not exactly parallel, situation regarding a different investment opportunity?