Recital
Anthony YiuAnthony Yiu's thought process in making investment decisions.
| Platform |  | Pricing | Only free issues | Publishes | Weekly |
|---|---|---|---|---|---|
| Issues | 81 | Founded | 3 years ago | Last Issue | 9 days ago |
| Active | |||||
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recital.substack.comLatest Issues
North Carolina's Vape Ban Gets Teeth: Will Shops and Wholesalers Change?
A month ago, I wrote about my field trip to North Carolina, where I visited 20 tobacco outlets in Charlotte, Winston-Salem, Greensboro and High Point around BAT’s Capital Markets Day. Since July 2025, the state has banned the sale of any va...
Getting Rich Slowly, but Certainly: How I Build My Portfolio Around Tobacco
One question I am often asked is, “Why are you so interested in tobacco stocks?”
My short answer: “Because they help me get rich slowly, but certainly.”
The longer answer is about how I build my portfolio. Tobacco is the building block th...
PMI Q3 2026: Combustibles Fund ZYN's 25% Price Cut
PMI reported its Q3 2026 results on 21 October. Please find below a summary of the results, followed by my verdict.
The result
Adjusted EPS reached a quarterly record. Q3 2025 enjoyed an unusually low tax rate, which management says to...
Imperial Brands FY26 Pre-close: On Track, and the Arithmetic of a Low P/E
Imperial Brands published its FY26 pre-close trading update on 8 October. Please find below the key messages, followed by my verdicts. Growth rates are in constant currency.
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BAT Capital Markets Day 2026: What Changed, What Didn’t
At the end of September I was in Winston-Salem for BAT’s Capital Markets Day. If you missed my previous article, it explains who I am and why I went.
This article took me longer than I expected. I wanted to compare this year’s event with t...
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Authors
The writers behind this newsletter.
CFA charterholder driven by a lifelong passion for investing. 'Recital' is where my rigorous analysis explores value in resilient and often-misunderstood sectors. Here, I look for the stories behind the numbers.
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