BTI / Tobacco Generally

[fenders53]

The thesis has not been working for five years. The yield is the only attraction and the opportunity cost has been enormous in a huge bull market. Anything else quality crushed tobacco. The yield is safe for a year or more so you won't lose too much money. It took me a long time to accept the reality of yield traps. The market is all about sentiment and ESG will win on this subject. They will keep the multiple depressed. A 5% total return on a proven risky sector is a bad bet.