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It is living proof the best industries are those which the government is opposed to and intervenes in, because tobacco firms are not allowed to advertise and it is almost impossible for new entrants to get into the market. (Mr Smith gives a two-minute monologue on the attractions of the tobacco sector within this youtube video .) Despite decades of declining tobacco consumption, the industry has continually lifted prices and reduced costs, which in turn has allowed earnings to creep higher and support generous dividends

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