How does Big Tobacco see its future? Guest blog by Jonathan Fell

City of London
What is the tobacco industry up to?  Let’s ask someone from the City who knows about it…

Note from Counterfactual. There’s much speculation and theorising from public health academics about what the tobacco industry is doing and what motivates it. But this often based on a simplistic understanding of business, markets and how the industry (indeed any industry) works, and seasoned with selective reading of now-dated industry documents. I thought we might gain more by asking an analyst and investor for his views. So here is a guest post from Jonathan Fell, a former City of London investment bank equity analyst with over 20 years’ experience following the tobacco industry and other consumer packaged good companies. He now manages a fund, in which he himself invests, that owns shares in a number of consumer companies, including tobacco stocks.

These are Jonathan’s own views. This piece is not intended as investment advice, nor should it be taken as such.

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