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Martin Deboo, analyst at Investec Securities, says: "These stocks are about the closest you can get to a bond on the stock market in that they offer a relatively stable income stream, not easy to find in the equities space." You may think it puzzling the industry is so successful when sales volumes are falling about 2% a year (excluding China which is dominated by state-run monopolies), fewer people in the developed world are smoking and governments are forever slapping higher taxes on manufacturers

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That said, one study showed that offering smoking cessation after substance use disorder treatment rather than during actually produces better substance use outcomes with similar rates of smoking abstinence

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