With a dominant market position insulated by regulation and net-favorable taxation dynamics, Altria $MO, in clockwork fashion, has wielded pricing power to more than offset cigarette volume declines. While the world frets about the USD wrecking ball and possible deglobalization, this old-economy stalwart just keeps humming along:

My next comprehensive company-specific piece, covering British American Tobacco $BTI, will be out this Sunday, 9/4/2022.