Valuation. Business analysis. Investing. Finance meets curiosity, creativity, and skepticism.
| Platform |  | Pricing | Freemium | Publishes | Weekly |
|---|---|---|---|---|---|
| Issues | 207 | Founded | 4 years ago | Last Issue | 10 days ago |
| Active | |||||
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invariant.substack.comLatest Issues
Logista: Still Truckin'
H1’26 note.
“Looking ahead to the remainder of fiscal year 2026, we reiterate our guidance and expect adjusted EBIT, excluding profit on inventory to grow at a mid-single-digit rate. This growth will be supported by continued strength of o...
Altria: An Oral History
Q1'26 note.
“The smokeable products segment delivered strong financial performance in the first quarter, reflecting the continued resilience of our smokeable business. Segment adjusted OCI grew by 6.3% with adjusted OCI margins expanding t...
Philip Morris International: Centered
Q1'26 note.
“Income growth exceeded our expectations, driving plus 10% adjusted OI growth and plus 16% adjusted diluted earnings per share growth to reach $1.96. International Smoke-Free delivered a striking performance with double-digit v...
Imperial Brands: An Ode to Zero
April Trading Update note.
“Logic is the technique by which we add conviction to truth.” - Jean de La Bruyère
From the Soapbox
U.S. nicotine pouch market update.
“It is hard to imagine a more stupid or more dangerous way of making decisions than by putting those decisions in the hands of people who pay no price for being wrong.” - Thomas Sowell
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