# Rae Maile: A Lifetime in Tobacco

Page: https://stenobird.com/podcast/preferred-shares-podcast-6594967/rae-maile-a-lifetime-in-tobacco
Text version: https://stenobird.com/podcast/preferred-shares-podcast-6594967/rae-maile-a-lifetime-in-tobacco.md
Podcast: [Preferred Shares Podcast](https://stenobird.com/podcast/preferred-shares-podcast-6594967)
Published: 2024-09-27T12:17:46+00:00
Episode link: https://www.preferredsharespodcast.com/p/rae-maile-a-lifetime-in-tobacco
Audio file: https://api.substack.com/feed/podcast/149450146/50f993c229e6235b956b3f6935bb7389.mp3
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JSON: https://stenobird.com/v1/public/podcasts/preferred-shares-podcast-6594967/episodes/rae-maile-a-lifetime-in-tobacco
Duration seconds: 4589

## Resource

Welcome to Episode 13 of the Preferred Shares Podcast. We interviewed our friend and special guest, Rae Maile. Rae is a veteran analyst who has covered the tobacco industry for over 35 years. He has never held back his strong opinions, and always has the data to support them. In this episode Rae’s background in financial services, from junior analyst covering brewers and general retail to financials and tobacco How the tobacco industry has changed and stayed the same The perpetual lack of confidence about the tobacco industry - both from external analysts as well as industry executives Population growth’s ‘denominator effect’ within price versus volume Next-gen nicotine products in the industry landscape Global demand for nicotine rising Differences across markets and categories concerning barriers to entry, regulation, and adoption The anti-smoking lobby’s morphing into anti-nicotine Taxation, prohibition, and illicit trade Moral zealotry battling against the individual’s choice ESG-based investing and idle threats Over the last century, tobacco is the only industry that hasn’t had a negative 10-year period. What makes the industry so special? Should tobacco be placed next to other CPGs, or is it in a separate league? When it comes to tobacco, why do so many analysts obsess over volumes and disregard other critical variables? What distinguishes a great analyst? Skills needed and the psychology of markets Rae’s unique writing style. Finding your voice and filling your role Lessons from Marlboro Friday and price laddering models The UK market post-Brexit Perpetual pessimism versus share repurchase programs, dividends versus share repurchases, and capital allocation frameworks The industry’s history of poor diversification efforts Surrendering to the science, forgetting…

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## Transcript

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