
Following on my book, "Going Down Tobacco Road," about the R. J. Reynolds empire, I will share stories about the industry and its people. Occasionally, I will add thoughts on investing.
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Increasing prosperity tends to breed indifference and to corrupt moral soundness. Charles Evans Hughes
Ten years before Ross Johnson arrived, RJR management adopted a culture that promoted symbols of corporate success. It went hand in hand...
KKR likely viewed the tobacco business as a stable but declining cash cow, placing its hopes for debt repayment on improved performance from Nabisco. Unfortunately, this did not happen. After an initial boost from early cost-cutting, Nabisc...
In 1999, Steve Goldstone, RJR Nabisco CEO, urgently sought to sell RJR Tobacco International (TI). The industry was under pressure from lawsuits and declining global cigarette sales, especially in Russia and Asia.
TI had struggled for year...
In 1999, Steve Goldstone led efforts to free the three RJR Nabisco operating companies from financial and legal constraints that had burdened them for a decade. His actions set them on a new course for the 21st century. However, challenges...
Kohlberg Kravis Roberts (KKR), the prominent mergers and buyout firm, prided itself on being the premier player in its industry. However, this confidence led to hubris. Determined to maintain and expand their dominance, KKR aggressively pur...
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The writers behind this newsletter.
Investment Professional at R. J. Reynolds Tobacco Company (1965–1986). Author of “Going Down Tobacco Road,” a history of tobacco and R. J. Reynolds and its expansion. Worked in investments for almost sixty years.
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