Tobacco

Tobacco is much in the news with the historic agreement between a group of 40 state attorneys-general and the major tobacco companies concerning a settlement over tobacco litigation. It might seem that tobacco has been so thoroughly demonized that tobacco stocks would be a sour investment, but in fact the agreement offers a number of reasons why tobacco stocks would be a good investment at this time.

The agreement will mean that the industry has to pay some $368.5 billion and will also be subjected to new rules to reduce the advertising possible for tobacco, to eliminate vending machines, and to tie the future of tobacco to a lowered rate for smoking by young people. The industry will also have to place blunter warnings on cigarette packages. The industry also must acknowledge the authority of government to regulate nicotine. The industry will also have to fund a massive anti-smoking campaign. The agreement still has to be accepted by Congress and the President, but if it goes into effect, it is certain to reduce the lev

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