It has definitely been a huge business in the past and anyone who got in early has definitely enjoyed the ride to the top. But where are things going from now on? Not sure about N-America, but in Europe the sentiment (both legislative but also what people really think) is turning against smoking. Even in Asia where growth has usually been huge it's starting to calm down. Just today I let go of my position in Philip Morris international mainly due to those long term worries of declining sales and increased pricing competition. Aaand you can never forget about many of the governments (especially in the EU) who are all the time working on laws that will negatively affect the tobacco industry. So as of today I'm watching this from the sidelines. How about you?