New Delhi, June 25 -- Ancient Indian texts are full of merry kings and queens enjoying their tipple. But they also do not forget to warn us against the dangers of alcohol.

The list of those preaching abstinence, in fact, is a long and distinguished one. Investing legend Charlie Munger listed liquor as among the three ways a smart person can go broke (the other two being ladies and leverage).

But as Berkshire Hathaway's investing activities over the years demonstrated, there's a difference between consuming alcohol and investing in it. And sometimes, the difference can be a prodigious one.

While Dalal Street is being buffeted by consumption headwinds and geopolitical gyrations, liquor stocks are having the time of their lives.

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