Pero ¿le pudiste ver? ¡Qué afortunado! Normalmente estaba fuera fumando 
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Y yo que creía que no era fumador…
Pues si chicos, soy fumador.
Creo que voy a abrir un hilo para identificarnos.
Soy Miguel Angel y soy fumador.
Hola Miguel Angel
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Se me ha caido un mito. 
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Cómo quedó la encuesta de fumadores no fumadores?
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Así van mis IMB…
3 Me gusta
Yo también, jeje. Ahora entiendo que su primera posición sea MO
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¿Sería mucha indiscreción saber de que marca? Así los que la llevemos te vamos a apreciar todavía más 
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Miguel Ángel, diles que lo cultivas en la parte de atrás de tu casa. Así fastidias a todos 
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A ver, que eso no me afecta a la cabeza, de momento
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Los de BATS estaremos contentos, Lucky.
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No puedo, no tengo sitio,el cannabis lo ocupa todo 
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Jajajajajaja, creo que es casualidad
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Seguramente esto os alegrará un poco más.
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Why has tobacco traditionally been such a significant portion of your Staples exposure?
NS: In a nutshell, we believe that as an industry it has one of the finest compounding profiles here is, driven by the most robust pricing power in Staples. In most markets, excise tax makes up the largest portion of the retail price of a pack of cigarettes, lowering the impact of manufacturer led price rises. For example, in the UK, excise tax is over 80% of the retail price. This means a customer only sees a 1% increase on a pack for a 5% manufacturer price rise. So, on a notional £10 pack, with tax at £8.0, the manufacturer–raises its £2 to £2.10, increasing the retail pack price to £10.10—a barely noticeable increase to the consumer, but a material 5% goes straight to the bottom line for the manufacturer. Tax increases occur regularly and consumers expect it, so manufacturers typically raise prices in tandem, baking-in price inflation. Pricing discipline in the sector is high given its consolidated nature.
Tobacco companies have been hugely profitable. The average Return on Operating Capital for DM cigarette companies is 96%, nearly 5x that of the broader market.15 Generally, these high returns generate very strong cash flows which are returned to shareholders by management teams that typically exhibit good capital discipline. Finally, the earnings profiles tend to be very resilient indeed. During the Global Financial Crisis, the broader market’s earnings fell 42% and took six years to get back to where they came from. Tobacco earnings fell only 10%, and recovered within six months.16 There are challenges of course—regulation, litigation, health awareness and innovation—and we assess them regularly. However, for the industry these are not new and ones we believe they will likely continue to overcome.
Today, tobacco valuations are compelling relative to Staples. The current price to earnings multiple is below their relative 10-year average. This comes at a point in time when the risk of e cigarettes has subsided and the recent U.S. industry consolidation is boosting U.S. and UK listed near-term earnings via synergies. Due to this consolidation, greater pricing discipline is taking hold in the U.S., one of the cheapest cigarette markets in the world. It takes only 21 minutes of labor to purchase 20 cigarettes in the U.S. compared to 60 minutes in the UK or 87 minutes in Indonesia.17 So in our view there is plenty of room to increase prices for a number of years.
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Dicen que fumar vuelve a ser cool
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