Here we are with the year 2021 almost half behind us. This year, I have communicated very little about my trip down Tobacco Road. There are always twists and turns in our life journey, and we don’t always foresee what is around the next bend in that road.
BACKGROUND The book Going Down Tobacco Road ended in 2017, about the time British American Tobacco bought the 60% of Reynolds American that it did not…
Shortly after I took the pension job, Joe Abely arrived to become RJR’s CFO. Joe was Boston Irish, a Boston College graduate, with both an MBA and an…
On April 9, 1865, General Ulysses S. Grant accepted General Robert E. Lee’s surrender of his Army of Northern Virginia at the village of Appomattox…
In 1977, I moved into the pension fund section at the RJR Treasurer’s Department, reporting to Treasurer John Dowdle. I was still smarting about not…
In 1955, R. J. Reynolds Tobacco created an employee profit sharing plan. Based on a profitability formula, a portion of the company’s profit was…
The first challenge that ERISA posed for pension plans was making a realistic forecast of future payouts over the next forty years and beyond. This was…
INTRODUCTION Tobacco farmers have many memories of the autumn tobacco market – the crowds, the pickup trucks loaded with tobacco, the aroma of the leaf…
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Reflections on "Going Down Tobacco Road" and Investing