12-21-2021, 11:58 AM
I agree completely about marijuana, and then some.
As to earnings, "adjusted" earnings are essentially a fabrication. "Adjusted" earnings means "what we would have earned if things hadn't gone differently." MO's adjusted earnings look fine, but their ACTUAL earnings -- the ones used to pay dividends, salaries, etc, have been terrible for the last few years, largely as a result of writing down the juul disaster.
As to earnings, "adjusted" earnings are essentially a fabrication. "Adjusted" earnings means "what we would have earned if things hadn't gone differently." MO's adjusted earnings look fine, but their ACTUAL earnings -- the ones used to pay dividends, salaries, etc, have been terrible for the last few years, largely as a result of writing down the juul disaster.