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December 4

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Although many of the toxic substances contained in tobacco smoke are generic products of the combustion of organic materials, exposure to smoking involves contact with two substances that are specific to tobacco smoke and are known to be damaging to the health: nicotine and CO

However, the business that was producing 20% returns on capital before the acquisition is still there, and once you strip out the accounting distortions caused by the acquisition (mostly intangible assets like acquired goodwill and acquired brand value), the company's returns on capital are still very good