News of the death of big tobacco firms has been exaggerated, says Phil Oakley.
Up until quite recently, shares in British American Tobacco (BATS) have proved to be a very good long-term investment. BATS has been able to grow nicely, despite governments around the world trying very hard to discourage people from smoking.
A strategy based around premium cigarette brands, buying other companies and cutting lots of costs turbocharged profits, dividends and the share price over the last decade.
Now life seems to be getting a little tougher for BATS and the tobacco industry in general. Governments [...]
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