Supply and demand dynamics are at play in markets in sometimes subtle ways. Take serious “sin” stocks, for instance. I’m not talking about sugar addicting Coca-Cola or the politically incorrect convict Dov Charney and his one-time empire at American Apparel. This is about sins that actually kill people, dead, not just hurt fragile feelings, offend delicate sensibilities or contribute to obesity. And there is a hedge fund manager for such sin investments, one that leverages supply and demand driven markets to find value in sin: London Company of Virgina’s Stephen M. Godderd. Godderd’s hedge fund is the largest investor in...