The investment case for tobacco bonds is that smokers are so hopelessly addicted they will continue buying cigarettes no matter what.

Dick Larkin knows first-hand this is not so. The director of credit analysis at Herbert J. Sims & Co. in the last few years has cut down from three packs of Marlboros a day to less than one, and not only for health reasons.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.