war on tobacco Introduction – The Makings of a Nation: in WWI – The Center for the Study of Tobacco and Society The War on Smoking Is

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- CM: "The figures were unbelievable." Conwood's figures (1972-1984 CAGRs): - Unit growth: 6% - Price increases: 9% - Tobacco revenues: 15% - Net profit: 17% Cash conversions: ~100% Conwood was, in fact, a near-perfect analog to Buffett & Munger's favorite holding: See's Candies CONWOOD VS SEE'S (1972-1984 CAGRs) - Unit growth: 6% vs 4% - Price increases: 9% vs 9% - Revenues: 15% vs 13% - Net profit: 17% vs 17% Cash conversions: ~100% Why'd Berkshire pass

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This association dates back to the use of Dalmatians in firehouses to guard the valuable horses that pulled the fire engines