Despite the cigarette industry's growing disrepute, tobacco-company shares have generally been a smart investment in recent years. But now cigarette stocks face a challenge not unlike the campaign against companies doing business in South Africa. In a letter that came to light last week, Harvard University President Derek Bok disclosed that the school has divested its holdings in tobacco companies because their products "create a substantial and unjustified risk of harm to other human beings." At the City University of New York, trustees voted last week to dump its $3.5 million worth of tobacco stocks. The C.U.N.Y. divestiture was owing, in...
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