Archive - Invariant

Generational Smoking Bans

Evaluating intent and likely shortcomings.

Apr 21 •

The questionable testimony of FDA Commissioner Dr. Robert Califf.

Apr 14 •

Scandinavian Tobacco Group: Added Figures

On trends and opportunities.

Apr 7 •

March 2024

OTIS: To Go Unnoticed

FY'23 note following '24 Investor Day.

Mar 31 •

There Aren't Many John Middletons

Exploring the history of a capital-light, highly profitable operation.

Mar 24 •

Logista: Undisturbed

Mar 17 •

Scandinavian Tobacco Group: Across the Board

Mar 10 •

The Nicotine Arc

Strain, strength, and industry growth.

Mar 3 •

February 2024

Haypp Group: Ahead of the Nicotine Pouch Megatrend

Comprehensive analysis and valuation of a secular growth story.

Feb 25 •

British American Tobacco: Shining Through

Feb 18 •

Philip Morris International: More More More

Feb 11 •

Altria: The Great Race

Full-year 2023 note.

Feb 4 •

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