Devin LaSarre
@devinlasarre.bsky.social
Strategist, designer, investor.
Robust brands, regulation, and busted narratives. Valuation matters.
Writing on all things finance at http://invariant.substack.com
Robust brands, regulation, and busted narratives. Valuation matters.
Writing on all things finance at http://invariant.substack.com
Edgar M. Cullman's Brilliance, Part Two
invariant.substack.com/p/edgar-m-cu...
invariant.substack.com/p/edgar-m-cu...
Edgar M. Cullman's Brilliance, Part Two
The intertwinings of tobacco history.
invariant.substack.com
January 18, 2026 at 3:41 PM
Edgar M. Cullman's Brilliance, Part Two
invariant.substack.com/p/edgar-m-cu...
invariant.substack.com/p/edgar-m-cu...
2026 Nicotine Basket Snapshot
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invariant.substack.com/p/2026-nicot...
2026 Nicotine Basket Snapshot
Concise industry points.
invariant.substack.com
January 4, 2026 at 4:49 PM
2026 Nicotine Basket Snapshot
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Fecundity
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invariant.substack.com/p/fecundity
Fecundity
2025 year-end note.
invariant.substack.com
December 28, 2025 at 3:12 PM
Fecundity
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invariant.substack.com/p/fecundity
Foreshocks
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invariant.substack.com/p/foreshocks
Foreshocks
U.S. nicotine pouch market update.
invariant.substack.com
December 21, 2025 at 1:51 PM
Foreshocks
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invariant.substack.com/p/foreshocks
British American Tobacco: Stoking the Fire
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invariant.substack.com/p/british-am...
British American Tobacco: Stoking the Fire
2025 pre-close note.
invariant.substack.com
December 14, 2025 at 2:00 PM
British American Tobacco: Stoking the Fire
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invariant.substack.com/p/british-am...
Scandinavian Tobacco Group: A Tale of Two
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Scandinavian Tobacco Group: A Tale of Two
CMD 2025 note.
invariant.substack.com
December 7, 2025 at 1:27 PM
Scandinavian Tobacco Group: A Tale of Two
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Logista: And Paste
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Logista: And Paste
FY'25 note.
invariant.substack.com
November 30, 2025 at 1:39 PM
Logista: And Paste
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Imperial Brands: Never Complacent
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Imperial Brands: Never Complacent
FY'25 note.
invariant.substack.com
November 23, 2025 at 2:02 PM
Imperial Brands: Never Complacent
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Scandinavian Tobacco Group: Washed
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Scandinavian Tobacco Group: Washed
Q3'25 note.
invariant.substack.com
November 16, 2025 at 1:29 PM
Scandinavian Tobacco Group: Washed
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invariant.substack.com/p/scandinavi...
Haypp Group: Riposte
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Haypp Group: Riposte
Q3'25 note.
invariant.substack.com
November 9, 2025 at 5:11 PM
Haypp Group: Riposte
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Altria: Drift
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invariant.substack.com/p/altria-drift
Altria: Drift
Q3'25 note.
invariant.substack.com
November 2, 2025 at 12:23 PM
Altria: Drift
invariant.substack.com/p/altria-drift
invariant.substack.com/p/altria-drift
Philip Morris International: ZYNsn't It?
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Philip Morris International: ZYNsn't It?
Q3'25 note.
invariant.substack.com
October 26, 2025 at 1:03 PM
Philip Morris International: ZYNsn't It?
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invariant.substack.com/p/philip-mor...
Nicotine Certainty
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invariant.substack.com/p/nicotine-c...
Nicotine Certainty
Industry evolution and endgame.
invariant.substack.com
October 19, 2025 at 3:06 PM
Nicotine Certainty
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Imperial Brands: A Plus With Cs
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Imperial Brands: A Plus With Cs
2025 pre-close note.
invariant.substack.com
October 12, 2025 at 12:57 PM
Imperial Brands: A Plus With Cs
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Bubble Trouble
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Bubble Trouble
On opportunity, competition, and capitalization.
invariant.substack.com
October 5, 2025 at 2:14 PM
Bubble Trouble
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Reynolds Consumer Products: Non-Durable Durability
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Reynolds Consumer Products: Non-Durable Durability
September business update.
invariant.substack.com
September 28, 2025 at 12:50 PM
Reynolds Consumer Products: Non-Durable Durability
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invariant.substack.com/p/reynolds-c...
Making Your Own Magic
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invariant.substack.com/p/making-you...
Making Your Own Magic
On playing your cards right.
invariant.substack.com
September 21, 2025 at 3:00 PM
Making Your Own Magic
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Under Pressure
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Under Pressure
US NP market update.
invariant.substack.com
September 14, 2025 at 11:37 AM
Under Pressure
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Per-Pouch Price Premium
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Per-Pouch Price Premium
Increasing competition in the US nicotine pouch market.
invariant.substack.com
September 7, 2025 at 12:31 PM
Per-Pouch Price Premium
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Scandinavian Tobacco Group: Racked
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Scandinavian Tobacco Group: Racked
Q2'25 note.
invariant.substack.com
August 31, 2025 at 1:34 PM
Scandinavian Tobacco Group: Racked
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invariant.substack.com/p/scandinavi...
Defiance
Nicotine taking the FDA head-on.
invariant.substack.com
August 24, 2025 at 1:22 PM
Haypp Group: Skyward
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Haypp Group: Skyward
Nicotine pouches. Value creation. Value capture.
invariant.substack.com
August 17, 2025 at 10:12 PM
Haypp Group: Skyward
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British American Tobacco: Steadied
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British American Tobacco: Steadied
H1'25 note.
invariant.substack.com
August 10, 2025 at 12:54 PM
British American Tobacco: Steadied
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Altria: Lean
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invariant.substack.com/p/altria-lean
Altria: Lean
Q2'25 note.
invariant.substack.com
August 3, 2025 at 12:46 PM
Altria: Lean
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invariant.substack.com/p/altria-lean