how often does british american tobacco pay dividends BATS, BTI: Dividend & History,

is increasingly looking like a veritable battleground for BTI, and not just from the perspective of oral nicotine products

Menthol cigarettes are more harmful in some ways because menthol soothes the throat and decreases cough reflexes, allowing smokers to inhale more deeply and hold the smoke in their lungs longer

In other words: Holdings with lower expected risks and higher expected returns should have larger position sizes Holdings with higher expected risks and lower expected returns should have smaller position sizes There are a million ways to do this, but I start by categorising holdings as defensive or cyclical and give them a default size of 4% or 3% respectively (I'm looking to hold around 20-25 companies, so 3-4% each is in the right ballpark)

Nicotine, the primary addictive component of tobacco, acts on nicotinic acetylcholine receptors in the brain, leading to the release of dopamine and other neurotransmitters associated with pleasure and reward