I've noticed alot of the funds people have mentioned in this thread hold 1 common denominator.....PM
That makes sense for both "big brain" economics, plus your very commonsense analysis. You can't easily stop people from smoking. Outside the US and a select few other places, cigarette marketing is relatively unfettered. Outside of the U.S., I've noticed 70 to 90 percent adult smoking rates - in some cultures/communities it approaches 100 percent.
PM has not nearly reached market saturation in the developing world, and won't for 15 to 20 years. Also, as you've pointed out, it trades in every currency, not just dollars. (Visa is another example of this - Visa doesn't care about currency, it just converts on the fly, charges you a premium, and sends you the bill
Sure there's risk - the world's smokers could just quit tomorrow.