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Philip Short: Scratching Below the Surface of Tobacco Companies

Consumers’ first thoughts on tobacco companies are generally “unhealthy; addictive; money machines”. As an investor one thinks “overreaching regulation; a dying industry; money machines”.

These are unenviable characteristics one would usually prefer to avoid.. except that money-machine trait. That’s interesting enough for us to want to scratch below the surface.

August 22, 2023 by