Feb 5, 2023Liked by Devin LaSarre

Great work as usual, Devin. Thank you!

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"the company’s partner, the U.S. federal government"

"The ultimate balancing act goes on"


There is one difference to the balancing act now, though, from times before. Now we have revenues declining. If this is a trend, the balancing act will need to be done on a thinner rope than before.

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Another sensational analysis.

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Great write-up on a great company. Nice work, Devin!

We're intrigued by tobacco companies' history of outperformance even while smoking declined. We took in a different direction though and highlighted the similarities to the coal industry today.


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