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BATs headline profitability was good until it acquired Reynolds American Profitability, measured by return on capital employed, is a key metric because it tells you a lot about: How competitive the company is (highly competitive companies tend to produce consistently higher returns on capital) How fast the company can grow by organically reinvesting some of its earnings (this tends to be lower risk than borrowing money to fund growth) In BATs case, before 2017 it was consistently producing a net return on capital of around 20%, which is about double the average for UK large-cap stocks

After a Mans Heart would be an example of one appearing on the back cover of the New York State Journal of Medicine in 1937, and the irony of what smoking does to the heart would not be evident until about 20 years later
181, Feb

Civil & Tobacco Wars Tobacco continued to inform the economy and policies of the United States into the 19th century CE
