(FORTUNE Magazine) – What we said

A year ago in "Drinking and Smoking" (Jan. 12, 2004), we humbly suggested that if investors could rely on one thing, it was that New Year's resolutions would be broken. We advocated one stock for each vice: Constellation Brands (STZ, $49) for the alcohol urge and Altria Group (MO, $63) for the tobacco habit.

What happened

Our cynicism has been validated. (Sorry, socially responsible investors.) The S&P 500 index returned about 9% since our article appeared. Over the same span, Altria has returned 24%, boosted by its generous dividend, now yielding 4.6%, and the belief by many on Wall Street that the tobacco industry's massive litigation issues will be resolved more favorably than once feared. Constellation, the world's largest wine company, has returned a stunning 52% as its acquisitions engine has kept churning, most recently with the $1 billion purchase of Robert Mondavi winery in December. Constellation's leap is based in part on expected cost savings from the Mondavi merger, but doubts remain about the company's reliance on buying its growth. If Constellation's latest deal goes sideways, its stock might not produce the same vintage returns of 2004. -- Adam Lashinsky