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Francis Koenig, manager of hedge fund AdultVest, tells The Atlantic Monthly his hedge fund returned 50% last year by investing in porn-related assets, both public and private. The story fits with the common perception that sin and sex sell in any environment.

We asked Koenig what, exactly, he's been investing in that's bucked the trend, but he was unwilling to go into much detail. He noted AdultVest bought some porn domain names, which have been appraised at higher values, but which haven't been sold. He also mentioned AdultVest's stake in iPorn -- a startup doing porn for the iPhone. But iPorn hasn't launched yet so any value is going to be difficult to determine.

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