The dollar can reverse direction at any time. So PM's reduced earnings are a forecast of currency not volume decreases. I will take that bet as the dollar has already appreciated greatly. This appreciation is both a condition of fear and the falling value of oil both of which will reverse over the next year. This is probably the best investment to pass on the expected inflation in the U.S. coming over the next few years from all the stimulus. Take this opportunity to load the boat. PM will beat its reduced estimates.
"Forecasts 2009 full-year diluted earnings per share to a range of $2.85 to $3.00, at current exchange rates, versus $3.32 in 2008. Excluding an adverse currency impact of $0.80 per share, 2009 guidance is projected to increase by 10%-14%" I will take that bet also. Unit growth is very high, stock repurchases, and great long term outlook. If the dollar swings it will add $.80 to earnings.