Rarely can the mood swings of the stock market have been so apparent in tobacco, historically a defensive industry, as they have been in the past 12 months, as investors have struggled to value the businesses amidst the biggest changes the industry has seen in decades. Last year, tobacco was the darling of consumer staples; this year, heated tobacco growth has slowed, and investors have run for the exit. We have surveyed smokers and used Bass model analysis to measure the impact of next-generation nicotine products.