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Imperial Brands said on a earnings call, "[W]e can continue to take pricing to offset volume declines" (while British American Tobacco recently stated its price/mix more than offset volume decline.) *** Full read here: economist.com/finance-and-ec The Economist talks about why American tobacco stocks have outperformed tech in recent years and textbook example of "price-inelastic" buyers: Over the past decade, the # of US smokers has declined by 20m (and cigarettes sold is down by 1/3rd) So, cigarette firms have charged more to their most committed smokers (operating margins grown from 50% to 60%) In 2025, cigarette makers in the US will make operating profit of $22B While the industry goes away, only the most addicted smokers are left

(Digital Democracy | CalMatters) The public says enough

The migration process itself intensified these difficulties

Let it fall, but not too soon There arent written rules here, but there are definitely ways to do things with style

Policy changes helped create that cultural shift