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Crossfire -Vice Fund v. Noah Fund -.Who's Been Naughty? Who's Been Nice?

Investing in sin stocks- is it naughty or just vice? Bill Van Alen, president and CEO of the Noah Fund, a Biblical-values based fund, believes people should invest according to their religious beliefs, while Dan Ahrens, co-portfolio manager of the Vice Fund and author of "Investing in Vice: The Recession-Proof Portfolio of Booze, Bets, Bombs, and Butts," thinks money is the bottom line for investors.

While on opposite sides of the spectrum, both funds have carved a niche for themselves in the mutual fund world. Money Management Executive Associate Editor Chris Frankie sat down with both Van Alen and Ahrens to mediate a crossfire between the two parties. Van Alen first took a stab at interviewing Ahrens, then we turned the tables and put Ahrens in the driver's seat. The following is an edited version of their spirited interviews.

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