john grisham tobacco industry The Runaway Jury by The Runaway Jury by John

But it is not hard to see the subtext of the remark--that part of knowing the industry and being loyal to tobacco is to use tobacco yourself

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Given the global scale of operations, strong customer loyalty to brander products, high barriers to entry, and strong generation of excess cashflows and excess returns on investment, I believe that BTI has a wide moat (though most other competitors such as Altria, PMI also spot a wide moat as well) Companies like British American Tobacco can benefit from growth in emerging markets, where smoking is more widespread and declines in smokers are much slower