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So no matter how you look at the cigarette business, it's incredibly predictable, it's extremely secure as an investment vehicle -- if you can deal with the fact that some people are not going to like you." "Cigarettes are not only taxed at the federal level but at the state and possibly local level

This next chart compares Imperials free cash flow to its dividend payments, and also shows the resultant cover (right-hand axis): Again, the trend is not great but not super-alarming either

"Ninety-six percent of adults started smoking before they were 21," said cancer survivor Eunice Hostetter