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Over the last two years of data (May 2012 to April 2014), monthly use of cigarettes in Wyoming was 4.9 stamps per capita compared to 7.6 stamps per capita for the two years prior to the 2003 tax increase

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No specific order exists for ranking substances from most to least addictive

Although tobacco smoking provokes many fatal diseases, there are some reports that cigarette users have a lower incidence of Parkinsons disease, Alzheimers disease, and some psychiatric disorders such as schizophrenia, anxiety, and depression (36)

The sellers wanted $30 million for the business (after accounting for $10 million of cash on the companys balance sheet), and Munger thought that was a reasonable price given its competitive position: Sees has a name that nobody can get near in California Its impossible to compete with that brand without spending all kinds of money . But despite Mungers enthusiasm, Buffett concluded that he wasnt willing to pay a penny more than $25 million for the business, a price that implied a low double digit multiple of Sees after-tax earnings (three times net tangible assets made me gulp)