Favorite Books (2024)

Favorite Podcast Episodes (2024)

The GEO Group: Beyond Private Prisons

Republic Services: Waste Management's More Efficient Little Brother: Despite having 56 fewer landfills, Republic only has ~3% less capacity than WM, and both companies generate roughly the same free cash flow.

Waste Management: Working With Less: WM had fewer landfills in 2023 than it did in 2009. Revenue increased 73%, FCF increased 57%, and landfill capacity in tons increased 12%.

McDonald's: Real Estate: The company owns 57% of the land under McDonald's restaurants and 80% of all McDonald's restaurant buildings.

Some Perspective on the BTI Writedown: In December of 2023, British American Tobacco wrote down much of the value of its U.S. cigarettes business in the form of a $31.5 billion non-cash impairment. Starting in 2024, management will treat some of its U.S. cigarette brands as assets with a lifetime of thirty years. Affected brands include Newport, Camel, American Spirit, and Pall Mall.

Favorite Podcast Episodes (2023): Here are some of the podcast episodes that I enjoyed the most in 2023:

Favorite Books (2023): Here is a list of my favorite books in 2023: History/Biography How to Hide an Empire: A History of the Greater United States (Daniel Immerwahr). What It Takes: Lessons in the Pursuit of Excellence (Stephen Schwarzman). The End of the World Is Just Beginning: Mapping the Collapse of Globalization

Nicotine as a Service (NaaS): PMI used R&D to become a better nicotine company. Healthcare M&A could lead to distraction.

Nicotine as a Nootropic (NaaN): The science says that nicotine is good for mental performance and brain health.

Philip Morris International: Capital Allocation: PMI has returned over $120 billion to shareholders since Altria spun it off in 2008.

Philip Morris International: Market Share: PMI's top five brands are taking share.

Philip Morris International: Comparing Markets: Europe carries this team.

Philip Morris International: Asia (+ Australia): A snapshot of PMI's second largest market.

Philip Morris International: Americas: A snapshot of PMI's most exciting market.

Philip Morris International: Middle East & Africa: A snapshot of PMI's ME&A market.

Philip Morris International: Europe: A snapshot of PMI's largest market.

The New and Improved Philip Morris International: Volume growth is the new norm.

M&A at Altria: A short history.

Capital Allocation at Altria: Much more good than bad.

Altria's Market Share: Marlboro's pricing power fixes a lot of things.

Nicotine Control in the U.S.: Nicotine doesn't kill people. Smoking does.

The FDA's Menthol Ban: It's hard to beat team nicotine.

Cigarette Pricing + Demand: When will cigarette demand collapse?