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Devin LaSarre

@devinlasarre.bsky.social
310 followers 56 following 191 posts

Strategist, designer, investor. Robust brands, regulation, and busted narratives. Valuation matters. Writing on all things finance at invariant.substack.com

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Devin LaSarre @devinlasarre.bsky.social · 04/10/2026
invariant.substack.com/p/british-am...
invariant.substack.com
British American Tobacco: Harvest
Capital Markets Day 2026 note.
000
Devin LaSarre @devinlasarre.bsky.social · 27/09/2026
invariant.substack.com/p/why-nicoti...
invariant.substack.com
Why Nicotine Pouches Win
Fact, fiction, and unstoppable phenomenon.
000
Devin LaSarre @devinlasarre.bsky.social · 20/09/2026
invariant.substack.com/p/far-beyond
invariant.substack.com
Far Beyond
Connecting through the noise.
000
Devin LaSarre @devinlasarre.bsky.social · 13/09/2026
invariant.substack.com/p/imperial-b...
invariant.substack.com
Imperial Brands: On the Table
Perspective on Paravicini’s plan.
000
Devin LaSarre @devinlasarre.bsky.social · 06/09/2026
invariant.substack.com/p/escalation...
invariant.substack.com
Escalation: Altria Steps up to the FDA
Litigation catalyzing nicotine regulation reform.
000
Devin LaSarre @devinlasarre.bsky.social · 30/08/2026
invariant.substack.com/p/scandinavi...
invariant.substack.com
Scandinavian Tobacco Group: Shear
Q2'26 note.
000
Devin LaSarre @devinlasarre.bsky.social · 23/08/2026
invariant.substack.com/p/logista-an...
invariant.substack.com
Logista: Another Seed
Q3'26 note.
000
Devin LaSarre @devinlasarre.bsky.social · 16/08/2026
invariant.substack.com/p/haypp-grou...
invariant.substack.com
Haypp Group: Welcome to the Jungle
Q2'26 note.
000
Devin LaSarre @devinlasarre.bsky.social · 09/08/2026
invariant.substack.com/p/altria-gra...
invariant.substack.com
Altria: Gradient
Q2'26 note.
000
Devin LaSarre @devinlasarre.bsky.social · 02/08/2026
invariant.substack.com/p/british-am...
invariant.substack.com
British American Tobacco: Narrowed
H1'26 note.
000
Devin LaSarre @devinlasarre.bsky.social · 26/07/2026
invariant.substack.com/p/philip-mor...
invariant.substack.com
Philip Morris International: Juggernaut
Q2'26 note.
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Devin LaSarre @devinlasarre.bsky.social · 19/07/2026
invariant.substack.com/p/the-black-...
invariant.substack.com
The Black Patch Tobacco Wars
When farmers turn to violence.
000
Devin LaSarre @devinlasarre.bsky.social · 12/07/2026
invariant.substack.com/p/flash-in-t...
invariant.substack.com
Flash in the Pan
The fraud, financing, and fizzle of Woodhull and Claflin.
000
Devin LaSarre @devinlasarre.bsky.social · 28/06/2026
invariant.substack.com/p/the-nicoti...
invariant.substack.com
The Nicotine Window
On shifting perceptions, discourse, and policy.
000
Devin LaSarre @devinlasarre.bsky.social · 21/06/2026
invariant.substack.com/p/the-only-t...
invariant.substack.com
The Only Thing That Matters
Invariant's 4-year mark.
000
Devin LaSarre @devinlasarre.bsky.social · 14/06/2026
invariant.substack.com/p/maker-of-m...
invariant.substack.com
Maker of Men
Buck Duke, American Tobacco, and an enduring legacy.
000
Devin LaSarre @devinlasarre.bsky.social · 07/06/2026
invariant.substack.com/p/british-am...
invariant.substack.com
British American Tobacco: Affirmed
H1'26 Pre-close note.
000
Devin LaSarre @devinlasarre.bsky.social · 31/05/2026
invariant.substack.com/p/scandinavi...
invariant.substack.com
Scandinavian Tobacco Group: What If?
Q1'26 note.
000
Devin LaSarre @devinlasarre.bsky.social · 24/05/2026
invariant.substack.com/p/imperial-b...
invariant.substack.com
Imperial Brands: Solemn
H1'26 note.
000
Devin LaSarre @devinlasarre.bsky.social · 18/05/2026
invariant.substack.com/p/haypp-grou...
invariant.substack.com
Haypp Group: Engine for the New Environment
Q1'26 note.
010
Devin LaSarre @devinlasarre.bsky.social · 10/05/2026
invariant.substack.com/p/logista-st...
invariant.substack.com
Logista: Still Truckin'
H1’26 note.
000
Devin LaSarre @devinlasarre.bsky.social · 03/05/2026
invariant.substack.com/p/altria-an-...
invariant.substack.com
Altria: An Oral History
Q1'26 note.
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Devin LaSarre @devinlasarre.bsky.social · 26/04/2026
invariant.substack.com/p/philip-mor...
invariant.substack.com
Philip Morris International: Centered
Q1'26 note.
000
Devin LaSarre @devinlasarre.bsky.social · 19/04/2026
invariant.substack.com/p/imperial-b...
invariant.substack.com
Imperial Brands: An Ode to Zero
April Trading Update note.
011
Devin LaSarre @devinlasarre.bsky.social · 12/04/2026
invariant.substack.com/p/from-the-s...
invariant.substack.com
From the Soapbox
U.S. nicotine pouch market update.
000
Devin LaSarre @devinlasarre.bsky.social · 05/04/2026
invariant.substack.com/p/joseph-f-c...
invariant.substack.com
Joseph F. Cullman III: Driven, Part Four
When Philip Morris ventured beyond tobacco.
000
Devin LaSarre @devinlasarre.bsky.social · 05/04/2026
invariant.substack.com/p/joseph-f-c...
invariant.substack.com
Joseph F. Cullman III: Driven, Part Three
The push for global conquest.
000
Devin LaSarre @devinlasarre.bsky.social · 22/03/2026
invariant.substack.com/p/joseph-f-c...
invariant.substack.com
Joseph F. Cullman III: Driven, Part Two
A reimagined brand to take on the world.
000
Devin LaSarre @devinlasarre.bsky.social · 15/03/2026
invariant.substack.com/p/joseph-f-c...
invariant.substack.com
Joseph F. Cullman III: Driven, Part One
Tobacco is when preparation meets opportunity.
001
Devin LaSarre @devinlasarre.bsky.social · 08/03/2026
invariant.substack.com/p/scandinavi...
invariant.substack.com
Scandinavian Tobacco Group: Boxed
FY'25 note.
010
Devin LaSarre @devinlasarre.bsky.social · 01/03/2026
invariant.substack.com/p/logista-no...
invariant.substack.com
Logista: Not All Too Piggish
Q1'26 note.
000
Devin LaSarre @devinlasarre.bsky.social · 22/02/2026
invariant.substack.com/p/haypp-grou...
invariant.substack.com
Haypp Group: Acceleration
FY'25 note.
000
Devin LaSarre @devinlasarre.bsky.social · 15/02/2026
invariant.substack.com/p/british-am...
invariant.substack.com
British American Tobacco: Flexible
FY'25 note.
000
Devin LaSarre @devinlasarre.bsky.social · 08/02/2026
invariant.substack.com/p/philip-mor...
invariant.substack.com
Philip Morris International: Unending
FY'25 note.
000
Devin LaSarre @devinlasarre.bsky.social · 01/02/2026
invariant.substack.com/p/altria-ins...
invariant.substack.com
Altria: Ins and Outs
FY'25 note.
000
Devin LaSarre @devinlasarre.bsky.social · 25/01/2026
invariant.substack.com/p/edgar-m-cu...
invariant.substack.com
Edgar M. Cullman's Brilliance, The End
Reshaping business and industry.
000
Devin LaSarre @devinlasarre.bsky.social · 18/01/2026
Edgar M. Cullman's Brilliance, Part Two invariant.substack.com/p/edgar-m-cu...
invariant.substack.com
Edgar M. Cullman's Brilliance, Part Two
The intertwinings of tobacco history.
010
Devin LaSarre @devinlasarre.bsky.social · 11/01/2026
invariant.substack.com/p/edgar-m-cu...
invariant.substack.com
Edgar M. Cullman's Brilliance
Consistency, cunning, and cigars.
010
Devin LaSarre @devinlasarre.bsky.social · 04/01/2026
2026 Nicotine Basket Snapshot invariant.substack.com/p/2026-nicot...
invariant.substack.com
2026 Nicotine Basket Snapshot
Concise industry points.
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Devin LaSarre @devinlasarre.bsky.social · 28/12/2025
Fecundity invariant.substack.com/p/fecundity
invariant.substack.com
Fecundity
2025 year-end note.
000
Devin LaSarre @devinlasarre.bsky.social · 21/12/2025
Foreshocks invariant.substack.com/p/foreshocks
invariant.substack.com
Foreshocks
U.S. nicotine pouch market update.
010
Devin LaSarre @devinlasarre.bsky.social · 14/12/2025
British American Tobacco: Stoking the Fire invariant.substack.com/p/british-am...
invariant.substack.com
British American Tobacco: Stoking the Fire
2025 pre-close note.
010
Devin LaSarre @devinlasarre.bsky.social · 07/12/2025
Scandinavian Tobacco Group: A Tale of Two invariant.substack.com/p/scandinavi...
invariant.substack.com
Scandinavian Tobacco Group: A Tale of Two
CMD 2025 note.
010
Devin LaSarre @devinlasarre.bsky.social · 30/11/2025
Logista: And Paste invariant.substack.com/p/logista-an...
invariant.substack.com
Logista: And Paste
FY'25 note.
030
Devin LaSarre @devinlasarre.bsky.social · 23/11/2025
Imperial Brands: Never Complacent invariant.substack.com/p/imperial-b...
invariant.substack.com
Imperial Brands: Never Complacent
FY'25 note.
030
Devin LaSarre @devinlasarre.bsky.social · 16/11/2025
Scandinavian Tobacco Group: Washed invariant.substack.com/p/scandinavi...
invariant.substack.com
Scandinavian Tobacco Group: Washed
Q3'25 note.
000
Devin LaSarre @devinlasarre.bsky.social · 09/11/2025
Haypp Group: Riposte invariant.substack.com/p/haypp-grou...
invariant.substack.com
Haypp Group: Riposte
Q3'25 note.
010
Devin LaSarre @devinlasarre.bsky.social · 02/11/2025
Altria: Drift invariant.substack.com/p/altria-drift
invariant.substack.com
Altria: Drift
Q3'25 note.
000
Devin LaSarre @devinlasarre.bsky.social · 26/10/2025
Philip Morris International: ZYNsn't It? invariant.substack.com/p/philip-mor...
invariant.substack.com
Philip Morris International: ZYNsn't It?
Q3'25 note.
000
Devin LaSarre @devinlasarre.bsky.social · 19/10/2025
Nicotine Certainty invariant.substack.com/p/nicotine-c...
invariant.substack.com
Nicotine Certainty
Industry evolution and endgame.
010