# Invariant

Valuation. Business analysis. Investing. Finance meets curiosity, creativity, and skepticism.

Page: <https://rssamplifier.com/invariant-substack-com>  
Feed: <https://rssamplifier.com/invariant-substack-com.md>

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## [Haypp Group: Welcome to the Jungle](https://invariant.substack.com/p/haypp-group-welcome-to-the-jungle)

_2026-08-16 · Devin LaSarre_

Q2'26 note.

## [Altria: Gradient](https://invariant.substack.com/p/altria-gradient)

_2026-08-09 · Devin LaSarre_

Q2'26 note.

## [British American Tobacco: Narrowed](https://invariant.substack.com/p/british-american-tobacco-narrowed)

_2026-08-02 · Devin LaSarre_

H1'26 note.

## [Philip Morris International: Juggernaut](https://invariant.substack.com/p/philip-morris-international-juggernaut)

_2026-07-26 · Devin LaSarre_

Q2'26 note.

## [The Black Patch Tobacco Wars](https://invariant.substack.com/p/the-black-patch-tobacco-wars)

_2026-07-19 · Devin LaSarre_

When farmers turn to violence.

## [Flash in the Pan](https://invariant.substack.com/p/flash-in-the-pan)

_2026-07-12 · Devin LaSarre_

The fraud, financing, and fizzle of Woodhull and Claflin.

## [Pouches Poised for Prime Position](https://invariant.substack.com/p/pouches-poised-for-prime-position)

_2026-07-05 · Devin LaSarre_

U.S. nicotine pouch market update.

## [The Nicotine Window](https://invariant.substack.com/p/the-nicotine-window)

_2026-06-28 · Devin LaSarre_

On shifting perceptions, discourse, and policy.

## [The Only Thing That Matters](https://invariant.substack.com/p/the-only-thing-that-matters)

_2026-06-21 · Devin LaSarre_

Invariant's 4-year mark.

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_2026-06-21 · **Sponsored**_

Run one CLI command, connect your GPU, and start receiving crypto payouts.

## [Maker of Men](https://invariant.substack.com/p/maker-of-men-buck-duke-american-tobacco)

_2026-06-14 · Devin LaSarre_

Buck Duke, American Tobacco, and an enduring legacy.