Nicotine taking the FDA head-on.| Invariant
Nicotine pouches. Value creation. Value capture.| invariant.substack.com
Exploring the history of a capital-light, highly profitable operation.| invariant.substack.com
Distilling what matters.| invariant.substack.com
Q2'25 note.| invariant.substack.com
Q2'25 note.| invariant.substack.com
Q3'25 note.| invariant.substack.com
Industry musings.| Invariant
The lifeblood of colonial America| Invariant
History, IQOS, and implications for the U.S. market.| Invariant
A thesis on a company facing a confluence of headwinds.| Invariant
Journey, discovery, and Invariant's 3-year mark.| Invariant
ITC and H1 2025 Pre-Close note.| Invariant
A case of brand mismanagement.| Invariant
2025 Capital Markets Day note.| Invariant
Q1'25 note.| invariant.substack.com
Excess profitability in shrinking volume industries.| invariant.substack.com
Thoughts on Investor Day and Q3 2023 results.| invariant.substack.com
