Devin LaSarre's Avatar

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

290 Followers  |  56 Following  |  161 Posts  |  Joined: 23.04.2023
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Posts by Devin LaSarre (@devinlasarre.bsky.social)

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Logista: Not All Too Piggish Q1'26 note.

invariant.substack.com/p/logista-no...

01.03.2026 15:02 — 👍 0    🔁 0    💬 0    📌 0
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Haypp Group: Acceleration FY'25 note.

invariant.substack.com/p/haypp-grou...

22.02.2026 15:48 — 👍 0    🔁 0    💬 0    📌 0
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British American Tobacco: Flexible FY'25 note.

invariant.substack.com/p/british-am...

15.02.2026 14:56 — 👍 0    🔁 0    💬 0    📌 0
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Philip Morris International: Unending FY'25 note.

invariant.substack.com/p/philip-mor...

08.02.2026 17:20 — 👍 0    🔁 0    💬 0    📌 0
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Altria: Ins and Outs FY'25 note.

invariant.substack.com/p/altria-ins...

01.02.2026 16:47 — 👍 0    🔁 0    💬 0    📌 0
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Edgar M. Cullman's Brilliance, The End Reshaping business and industry.

invariant.substack.com/p/edgar-m-cu...

25.01.2026 17:17 — 👍 0    🔁 0    💬 0    📌 0
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Edgar M. Cullman's Brilliance, Part Two The intertwinings of tobacco history.

Edgar M. Cullman's Brilliance, Part Two
invariant.substack.com/p/edgar-m-cu...

18.01.2026 15:41 — 👍 1    🔁 0    💬 0    📌 0
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Edgar M. Cullman's Brilliance Consistency, cunning, and cigars.

invariant.substack.com/p/edgar-m-cu...

11.01.2026 17:26 — 👍 1    🔁 0    💬 0    📌 0
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2026 Nicotine Basket Snapshot Concise industry points.

2026 Nicotine Basket Snapshot
invariant.substack.com/p/2026-nicot...

04.01.2026 16:49 — 👍 0    🔁 0    💬 0    📌 0
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Fecundity 2025 year-end note.

Fecundity
invariant.substack.com/p/fecundity

28.12.2025 15:12 — 👍 0    🔁 0    💬 0    📌 0
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Foreshocks U.S. nicotine pouch market update.

Foreshocks
invariant.substack.com/p/foreshocks

21.12.2025 13:50 — 👍 1    🔁 0    💬 0    📌 0
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British American Tobacco: Stoking the Fire 2025 pre-close note.

British American Tobacco: Stoking the Fire
invariant.substack.com/p/british-am...

14.12.2025 14:00 — 👍 1    🔁 0    💬 0    📌 0
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Scandinavian Tobacco Group: A Tale of Two CMD 2025 note.

Scandinavian Tobacco Group: A Tale of Two
invariant.substack.com/p/scandinavi...

07.12.2025 13:27 — 👍 1    🔁 0    💬 0    📌 0
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Logista: And Paste FY'25 note.

Logista: And Paste
invariant.substack.com/p/logista-an...

30.11.2025 13:39 — 👍 3    🔁 0    💬 0    📌 0
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Imperial Brands: Never Complacent FY'25 note.

Imperial Brands: Never Complacent
invariant.substack.com/p/imperial-b...

23.11.2025 14:02 — 👍 3    🔁 0    💬 0    📌 0
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Scandinavian Tobacco Group: Washed Q3'25 note.

Scandinavian Tobacco Group: Washed
invariant.substack.com/p/scandinavi...

16.11.2025 13:29 — 👍 0    🔁 0    💬 0    📌 0
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Haypp Group: Riposte Q3'25 note.

Haypp Group: Riposte
invariant.substack.com/p/haypp-grou...

09.11.2025 17:11 — 👍 1    🔁 0    💬 0    📌 0
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Altria: Drift Q3'25 note.

Altria: Drift
invariant.substack.com/p/altria-drift

02.11.2025 12:23 — 👍 0    🔁 0    💬 0    📌 0
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Philip Morris International: ZYNsn't It? Q3'25 note.

Philip Morris International: ZYNsn't It?
invariant.substack.com/p/philip-mor...

26.10.2025 13:03 — 👍 0    🔁 0    💬 0    📌 0

Hrmmm?

19.10.2025 15:06 — 👍 0    🔁 0    💬 0    📌 0
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Nicotine Certainty Industry evolution and endgame.

Nicotine Certainty
invariant.substack.com/p/nicotine-c...

19.10.2025 15:06 — 👍 1    🔁 0    💬 0    📌 0
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Imperial Brands: A Plus With Cs 2025 pre-close note.

Imperial Brands: A Plus With Cs
invariant.substack.com/p/imperial-b...

12.10.2025 12:57 — 👍 0    🔁 0    💬 1    📌 0
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Bubble Trouble On opportunity, competition, and capitalization.

Bubble Trouble
invariant.substack.com/p/bubble-tro...

05.10.2025 14:14 — 👍 0    🔁 0    💬 0    📌 0
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Reynolds Consumer Products: Non-Durable Durability September business update.

Reynolds Consumer Products: Non-Durable Durability
invariant.substack.com/p/reynolds-c...

28.09.2025 12:50 — 👍 1    🔁 0    💬 0    📌 0
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Making Your Own Magic On playing your cards right.

Making Your Own Magic
invariant.substack.com/p/making-you...

21.09.2025 15:00 — 👍 0    🔁 0    💬 0    📌 0
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Under Pressure US NP market update.

Under Pressure
invariant.substack.com/p/under-pres...

14.09.2025 11:37 — 👍 2    🔁 0    💬 0    📌 0
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Per-Pouch Price Premium Increasing competition in the US nicotine pouch market.

Per-Pouch Price Premium
invariant.substack.com/p/per-pouch-...

07.09.2025 12:31 — 👍 1    🔁 0    💬 0    📌 0
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Scandinavian Tobacco Group: Racked Q2'25 note.

Scandinavian Tobacco Group: Racked
invariant.substack.com/p/scandinavi...

31.08.2025 13:34 — 👍 0    🔁 0    💬 0    📌 0
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Defiance Nicotine taking the FDA head-on.

Defiance
invariant.substack.com/p/defiance

24.08.2025 13:22 — 👍 0    🔁 0    💬 0    📌 0
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Haypp Group: Skyward Nicotine pouches. Value creation. Value capture.

Haypp Group: Skyward
invariant.substack.com/p/haypp-grou...

17.08.2025 22:12 — 👍 0    🔁 0    💬 0    📌 0