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The company manufactures and sells cigarettes and other tobacco products in markets outside of the United States.
9% growth per yr + 4% per year in buybacks + 4% per year in dividends = 17% compounded annual appreciation in share price. (assuming shares are purchased at intrinsic value and the price follows intrinsic value over time.) That will absolutly destroy the S&P's return over a 10 year or longer time frame. The shares are, ofcourse, a bit above intrinsic value at this time, but if you plan on retiring more than 10 or 15 years from now, this is about as close to a no brainer as you can get.
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