Sitemap - 2023 - Invariant

A Bet on the Future

Toxic State

Sum of the Arts

British American Tobacco: Identity Crisis

United-Guardian: It’s All Relative

Scandinavian Tobacco Group: Pockets

Imperial Brands: Mechanical Animal

Savers Value Village: Clearance Rack

OTIS: Compounding Lifetime Value

Altria: Recalibration

Philip Morris International: Only Scratching the Surface

Logista: The Distribution Pillar of Imperial Brands

Imperial Brands: Looking Through the Noise

The FDA Is Wasting Its Time Chasing Cigars

Ultimate Misstep

Savers Value Village: Cracking the Thrift Code

Scandinavian Tobacco Group: Liberation

Going Long Preferred Shares

Intercontinental Exchange: The Green Light

OTIS: The Next Phase

United-Guardian: Patience Is the Game

Altria: Executing Where It Counts

British American Tobacco: Toward a Powerful Inflection

Philip Morris International: Outstanding Momentum

Realms Uncharted

Out of Scrap Into Prosperity

Scandinavian Tobacco Group: The Artisanal Serial Acquirer

Second-Hand Retail: A First-Class Market

The Perils of ESG

Writing for the Long Run

United-Guardian: Caught in the Storm

Meta: The Foundation

British American Tobacco: A Great Divergence

The Real Story of Buffett, Berkshire, and Tobacco

What Gives You Opportunities

Altria: One More Step

Philip Morris International: The High End of Low

Gravitational Collapse

United-Guardian: Durable Dollars

The Jaws of Consequence

Altria Investor Day 2023

Altria's NJOY Acquisition

Changing Gears: A Shift in U.S. Tobacco Regulation

Altria’s Investment History

Carrier: People Need Our Products

OTIS: Flywheel Growth

Philip Morris International and British American Tobacco: At the Forefront

Altria: The Ultimate Balancing Act

Peak Performance

Lowest Common Denominator

Secret Sauce

The Pits

In Praise of Process