One, pay down debt. For us longs we don't want a debt laden company that still faces huge tobacco litigation costs, settlements and court costs. Second, buy back shares like crazy. Of course, now that shares are so high we won't get the most bang for the buck but reducing shares means reducing dividends payed out which means more cash to buy back stock or pay off debt. it just makes good since. I know MO has a 10 billion dollar buy back over 3 years but it should be more, say 20 billion. Stop raising(but don't cut it)the dividend if necessary and use that money to repurchase shares.