Plexo Capital MP @​Lo Toney on the contrarian take for investing in vice: - Less capital chasing the deals - More reasonable valuations - More upside “I have seen a couple of GPs that actually focus on vice. Their whole point of view and their whole approach is to go after the vice opportunities, particularly because there’s not a lot of capital chasing them.” “They’re often really good businesses, and with the limited number, you keep the valuations much more reasonable, and then that preserves a lot of the upside.” “Over the past hundred years, we’ve almost had a little bit of a pendulum swing for certain things that are considered vice, and now they’re not considered vice anymore.” “One of the things that I’ve looked at right now, I wouldn’t consider it a vice per se, although if you go into certain gyms in Southern California, it could probably be a vice, is peptides.” “That’s one where I think the pendulum is swinging in the right direction.” ▻