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References [1] World Health Organisation, WHO Report on the Global Tobacco Epidemic, Geneva, 2009

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It is therefore weighted at the bottom so although the grenade will wobble, it will not fall over

[5] Sweden was the only European country to achieve the WHO goal of less than 20% daily smoking prevalence among adults by year 2000

The Economist talks about why American tobacco stocks have outperformed tech in recent years and textbook example of "price-inelastic" buyers: Over the past decade, the # of US smokers has declined by 20m (and cigarettes sold is down by 1/3rd) So, cigarette firms have charged more to their most committed smokers (operating margins grown from 50% to 60%) In 2025, cigarette makers in the US will make operating profit of $22B While the industry goes away, only the most addicted smokers are left

And no one ever notices anything because theyre not really engaged