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Some makers of vape products and liquids attempted to avoid FDA rules for e-cigarettes by now using lab-made nicotine
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 (Im looking to hold around 20-25 companies, so 3-4% each is in the right ballpark)
And a pack of Benson & Hedges was a bar of solid gold
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