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The plant itself is straightforward biology

But after the Reynolds American acquisition in 2017, returns on capital collapsed to little more than 5%, which fails to meet the following rule of thumb: Rule of thumb: Only invest in companies that consistently produce net returns on capital above 10% BAT now fails this test, but I don't think its recent returns on capital accurately reflect the underlying economics of the business

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Investment in tobacco prevention can have huge returns: The campaign had a cost savings of $180 for every dollar of the nearly $250 million invested in the first two years of the campaign