The archetypal sin-stock case: declining volumes, extraordinary pricing power, litigation overhang and very high returns on capital.
The 1988 bidding war for RJR Nabisco, the largest leveraged buyout to that date.
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A century of the American cigarette industry, from mass marketing to 1990s lawsuits.
How the cigarette rose in 20th-century America, and how its harm was proved.
How a few scientists with ties to industry ran campaigns to deny settled science.
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How tobacco chemists engineered cigarettes, drawn from the industry's own documents.