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Tobacco is Harmful for Your Portfolio

I finally closed position in Altria (NYSE:MO). And waiting for a little bit better price to exit Phillip Morris International (NYSE:PM).
I already wrote, several times, for reasons to exit tobacco stocks. They have been good to me. Including dividends, I earned almost 100% on Altria and more than 60% on Phillip Morris in the last 3 years. But now these stocks are toxic. Sure, they still pay big dividend. But I can earn more fixed income (federal tax free) investing in muni bonds. I don't see growth left for big tobacco. More to the point, I expect it to shrink.
Initially, tougher legislation on tobacco was good for big tobacco. Restricted advertising actually closed industry for new entrants. Bans on smoking in public places didn't change the desire of addicts for extra nicotine. Increased taxes played completely different role. Initially, they weren't that bad. Extra dollar per pack didn't change much. When tax reached 3-4 dollars per pack in most states, picture changed. Smokers still smoke. But now they find the ways to buy nicotine cheaper. There is widespread smuggling of cigarettes from states with smaller taxes into states with bigger ones. There is proliferation of cigarette machines (loose tobacco is not taxed that hard). It's a loss for big tobacco.
Until recently, this was mostly US domestic issue. No more. In many countries tobacco taxes are going up and smuggling is going up too.
Of course, loose tobacco might be taxed in line with cigarettes. Of course, states might get more uniform in taxing tobacco. But there is a last line of defense: you can grow enough tobacco for your own use even in your roof garden. Never mind rural America. So far it's completely legal. But legality is not that important for addicts: look at the marijuana farming in US, that's the herb which most describe as much less addictive than tobacco.
I don't think there is any more money to be made on big tobacco.