i can give you BS reasons like it's bad for you or (more importantly for me) it's expensive for you, but the real reasons are:
1) my parents didn't smoke so I would be easily caught and disciplined severely by my dad.
2) i was given a camel filterless cig in high school "to help me relax" by one of my "cool friends" and ended up puking. so this experience wasn't pleasant and I never tried it again.
3) i didn't like kissing girls who were smokers in high school
similar reason prevented me from being a pot user:
When i was on my first job someone brought some grass to work and we made a joint and passed it around. I didn't feel a good buzz from it, it was much more expensive than vodka (you could probably guess where this was taking place) and i decided to keep being a drunk that i was and not waste money on grass.
then i moved to the US and because constant need to drive i more or less quit drinking too.
so now it's just occasional drinking, porn, sex and gambling (stocks, options, etc) left for my entertainment.
Why the selloff, this news has been known for at least 30 years now and the cigarette comapnies have been adjusting. If it came down to one conutry alone smoking they would still be making a profit.
I am long PM for the long term 1+ years but I think this quarter and maybe even this year you are going to see PM trade lower. Did the business change? no, did the number of smokers change? prob not, are the profits going to be exchanged into a stronger US dollar? yes.
I think this is the underlying theme to the downgrade and downward price action. This may even see low 50's again. If it does by all means buy more shares but I think we are in for a downward ride.
The ride up was great and nice and sharp. There is going to be a pull back at some point too. EPS for this year maybe affected due to the currency, thus lower PPS.
Just some thoughts. I love it long term but I think we are still going a little lower from here.
Cease to exist by 2050, HA! Citi would have ceased to exist in 2008 if weren't for the government TARP money. Chinese like to smoke. 50,000 cigs a second in China. Just sit back and collect that 4% divy and wait till it climbs back up!!!
Maybe I'm missing something, but since when are people internationally (especially in the 3rd world) going to cease to smoke. They love a good "cowboy cigarette". Best stock I've ever owned.