Introduction
Equity investors of major tobacco firms such as Philip Morris International (PM), Altria (MO), British American Tobacco (BTI), and Imperial Brands (IMBBY) (IMBBF) saw part of their book gains evaporate in April 2018 due to news from the Food and Drug Administration (FDA), having announced plans to cap the nicotine content at a non-addictive level and from PM, having missed on revenues while reporting slower growth from their heat-not-burn product IQOS. In the short run, the stocks recovered more or less, just to sell off again later that year. Currently, PM and MO trade