This isnt just about the tobacco aging
The State Tobacco Monopoly Administration, which oversees China Tobacco's operations, reported that China's tobacco industry realized revenue of about 1.5 trillion yuan ($210 billion) in fiscal year 2023, up 4.3% from the previous year
Like most going concerns, the Gilliam Candy Company began on a small scale
The hazard pictograms for chemicals are available on the website of Tukes
That this is unique to defense and tobacco can be seen in the scatterplot below, where other high-quality businesses in technology and consumer staples, both stalwarts of the broad quality universe, are often expensively valued*: In addition to this unique combination, tobacco and defense have historically been reliable inflation shelters, rewarding investors with positive real returns during periods of higher inflation that more negatively impacted both their respective sectors and the broad market
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