The Marlboro Man diversifies
Tobacco companies are among the most consistently profitable firms around. Philip Morris International, the world’s largest, churns out close to US$2 billion in profit every quarter. The industry has also been kind to investors over the years. The financial performance of big tobacco in the face of increasingly tough government regulations should give investors confidence — and anti-smoking advocates dismay — about the resiliency of the sector. But these gains could be masking long-term problems.
Ream more »
