Industries Under Fire and Stock Performanceby John Rogers
We think it’s hard to play where it appears the class-action lawyers have a permanent goal to destroy the industry, such as in tobacco or handguns. I’ve had long discussions with friends of mine, for example, about Philip Morris [owned by parent company Altria]. I just can’t imagine all the prohibition against smoking in the U.S. – in restaurants, bars, office buildings – all the added taxes and all the litigation risks aren’t going to be a problem for the stock. Of course, my friends have so far been right and I’ve been wrong. These are just risks that we’ve decided to avoid.