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Additionally, labeling isnt a reliable way to find out how much nicotine is in an e-cigarette because studies have found many products are mislabeled

In other words: Holdings with lower expected risks and higher expected returns should have larger position sizes Holdings with higher expected risks and lower expected returns should have smaller position sizes There are a million ways to do this, but I start by categorising holdings as defensive or cyclical and give them a default size of 4% or 3% respectively (I'm looking to hold around 20-25 companies, so 3-4% each is in the right ballpark)

Dopamine is associated with feelings of happiness and ecstasy and, after a while, smokers crave dopamine release that is associated with smoking tobacco and with nicotine

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Between 1999 and 2011, cigarette companies increased the average nicotine yield, the amount of nicotine delivered in smoke, by almost 15%