Jack, in your recent column on the significant flaws in the tobacco bill (”A Public Health Disaster in the Making“) you argued that the bill would do nothing for public health since it practically outlaws harm reduction efforts, but that it would harm new market entrants and entrepreneurs:
No wonder HR 1256 is called the “Marlboro Brand Protection Act.” No wonder the political breakthrough in getting FDA tobacco regulation came in 2004 when Philip Morris (now Altria) came out in support of FDA regulation.
Now I am sure your friends at the Campaign for Tobacco-Free Kids don’t like you pointing out all the problems with the bill (a bill that’s a terrific example of Chris DeMuth’s intended non-consequences, one could argue), but the market certainly seems to agree with you: After the Senate vote approving the measure, Morningstar quite sensibly lifted its rating of Altria, making it a five-star stock, their highest rating.