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But after the Reynolds American acquisition in 2017, returns on capital collapsed to little more than 5%, which fails to meet the following rule of thumb: Rule of thumb: Only invest in companies that consistently produce net returns on capital above 10% BAT now fails this test, but I don't think its recent returns on capital accurately reflect the underlying economics of the business

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Smoking has been associated with the onset of psoriasis and has also been linked with the severity of the disease (Naldi, 2016