HeyJaredInvariant
Valuation. Business analysis. Investing. Finance meets curiosity, creativity, and skepticism.
- Indexed issues, last 90 days
- 12
- Latest publication
- Sep 27, 2026
- Audience
- Checking…
- Earliest in this view
- Jul 12, 2026
Latest issues
Why Nicotine Pouches Win (opens the original)
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“It is change, continuing change, inevitable change, that is the dominant factor in society today. No sensible decision can be made any longer without taking into account not only the world as it is, but the world as it will be.” - Isaac Asimov<
Far Beyond (opens the original)
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“We sail within a vast sphere, ever drifting in uncertainty, driven from end to end.” - Blaise Pascal<img alt="" class="sizing-normal" height="828" src="https://substackcdn.com/image/fetch/$s_!o2y6!,w_1456,c_limit,f_auto,q_auto:good,fl_progressi
Imperial Brands: On the Table (opens the original)
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“I just want to make one point. In a company where every $100 you sell, $50 go straight into profit, savings are very important. As an ex-CFO, as a CEO, I will never leave money on the table.” - Lukas Paravicini, CEO, Imperial Brands, Barclays 19th Annual Global Consumer Staples Conference<a class="image-link image2 is-viewable-img" href="https://substackcdn.com/image/fetch/$s_!BvOf!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F44
Escalation: Altria Steps Up to the FDA (opens the original)
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“You will never understand bureaucracies until you understand that for bureaucrats procedure is everything and outcomes are nothing.” - Thomas SowellOver the last handful of years, there has been a constant, sometimes rampant, stream of developments concerning the regulation of nicotine in the United States. In isolation, many appear modest. Others are far more pronounced in effect. In aggregate, the environment has shifted considerably, and is now set to change in additional, even unknown, ways
Scandinavian Tobacco Group: Shear (opens the original)
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“With this sale, we are getting back to a more comfortable leverage level where we would like to operate. So, as we also said in the presentation, we will likely be below the target of 2.5x. It's too early for us to say anything about capital allocation and resuming share buybacks. We want to close the deal here, and then we will look into our strategic initiatives and what is needed of investments.” - Marianne Rørslev Bock, STG CFO, H1’26Scandinavian Tobacco Group’s H1’26 report offered a repri
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