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The Big Investment Lie by Michael Edesess

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9The Claims of Money Managers: “Smoking Our Brand Prevents Cancer”

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Welcome to Fumaria, a vast but little-known country in central Asia.

Fumaria is a land of very heavy smokers. Ninety-nine percent of Fumaria’s eighty million people over the age of twelve smoke an average of four packs of cigarettes a day. As a result, the cigarette and tobacco industries are enormous and highly competitive. The country has more than a hundred major cigarette companies, each offering an average of a hundred brands.

The Fumarian cigarette industry and its advertising are moderately well regulated. Since 1999, when the Fumarian minister of health attended a ...

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