I’ve been thinking about my Philip Morris position for quite some time now as it has been quite modest but there really hasn’t been any great possibilities to steal additional shares with cheap enough prices. Today they reported results and, despite quite OK results, the share price tanked over 12%. This presented a situation where I had to make up my mind. It has plenty to love as a company: it’s an addiction business with strong R&D with their heated tobacco line. They do business outside of USA which perhaps provides some protection from legal issues. Though it should be noted that the very same protection might hurt in short term should they build a business out of weed as it’s probably going to happen first in the US. Factoring in all this I decided to buy additional 25 shares for 88 USD per share.