Tessera

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

183 Posts298 Follower 56 Folgt

Devin LaSarre @devinlasarre.bsky.social · 3d ago

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

Altria: Gradient

Q2'26 note.

invariant.substack.com

Devin LaSarre @devinlasarre.bsky.social · last wk.

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

British American Tobacco: Narrowed

H1'26 note.

invariant.substack.com

Devin LaSarre @devinlasarre.bsky.social · 2w ago

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

Philip Morris International: Juggernaut

Q2'26 note.

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Devin LaSarre @devinlasarre.bsky.social · 3w ago

invariant.substack.com/p/the-black-...

The Black Patch Tobacco Wars

When farmers turn to violence.

invariant.substack.com

Devin LaSarre @devinlasarre.bsky.social · last mo.

invariant.substack.com/p/flash-in-t...

Flash in the Pan

The fraud, financing, and fizzle of Woodhull and Claflin.

invariant.substack.com

Devin LaSarre @devinlasarre.bsky.social · 2mo ago

invariant.substack.com/p/the-nicoti...

The Nicotine Window

On shifting perceptions, discourse, and policy.

invariant.substack.com

Devin LaSarre @devinlasarre.bsky.social · 2mo ago

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The Only Thing That Matters

Invariant's 4-year mark.

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Devin LaSarre @devinlasarre.bsky.social · 2mo ago

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Maker of Men

Buck Duke, American Tobacco, and an enduring legacy.

invariant.substack.com

Devin LaSarre @devinlasarre.bsky.social · 2mo ago

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

British American Tobacco: Affirmed

H1'26 Pre-close note.

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Devin LaSarre @devinlasarre.bsky.social · 2mo ago

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Scandinavian Tobacco Group: What If?

Q1'26 note.

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Devin LaSarre @devinlasarre.bsky.social · 3mo ago

invariant.substack.com/p/imperial-b...

Imperial Brands: Solemn

H1'26 note.

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Devin LaSarre @devinlasarre.bsky.social · 3mo ago

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

Haypp Group: Engine for the New Environment

Q1'26 note.

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Devin LaSarre @devinlasarre.bsky.social · 3mo ago

invariant.substack.com/p/logista-st...

Logista: Still Truckin'

H1’26 note.

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Devin LaSarre @devinlasarre.bsky.social · 3mo ago

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

Altria: An Oral History

Q1'26 note.

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Devin LaSarre @devinlasarre.bsky.social · 4mo ago

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

Philip Morris International: Centered

Q1'26 note.

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Devin LaSarre @devinlasarre.bsky.social · 4mo ago

invariant.substack.com/p/imperial-b...

Imperial Brands: An Ode to Zero

April Trading Update note.

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Devin LaSarre @devinlasarre.bsky.social · 4mo ago

invariant.substack.com/p/from-the-s...

From the Soapbox

U.S. nicotine pouch market update.

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Devin LaSarre @devinlasarre.bsky.social · 4mo ago

invariant.substack.com/p/joseph-f-c...

Joseph F. Cullman III: Driven, Part Four

When Philip Morris ventured beyond tobacco.

invariant.substack.com

Devin LaSarre @devinlasarre.bsky.social · 4mo ago

invariant.substack.com/p/joseph-f-c...

Joseph F. Cullman III: Driven, Part Three

The push for global conquest.

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Devin LaSarre @devinlasarre.bsky.social · 5mo ago

invariant.substack.com/p/joseph-f-c...

Joseph F. Cullman III: Driven, Part Two

A reimagined brand to take on the world.

invariant.substack.com

Devin LaSarre @devinlasarre.bsky.social · 5mo ago

invariant.substack.com/p/joseph-f-c...

Joseph F. Cullman III: Driven, Part One

Tobacco is when preparation meets opportunity.

invariant.substack.com

Devin LaSarre @devinlasarre.bsky.social · 5mo ago

invariant.substack.com/p/scandinavi...

Scandinavian Tobacco Group: Boxed

FY'25 note.

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Devin LaSarre @devinlasarre.bsky.social · 5mo ago

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

Logista: Not All Too Piggish

Q1'26 note.

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Devin LaSarre @devinlasarre.bsky.social · 6mo ago

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

Haypp Group: Acceleration

FY'25 note.

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Devin LaSarre @devinlasarre.bsky.social · 6mo ago

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

British American Tobacco: Flexible

FY'25 note.

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Devin LaSarre @devinlasarre.bsky.social · 6mo ago

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

Philip Morris International: Unending

FY'25 note.

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Devin LaSarre @devinlasarre.bsky.social · 6mo ago

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Altria: Ins and Outs

FY'25 note.

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Devin LaSarre @devinlasarre.bsky.social · 7mo ago

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

Edgar M. Cullman's Brilliance, The End

Reshaping business and industry.

invariant.substack.com

Devin LaSarre @devinlasarre.bsky.social · 7mo ago

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

Edgar M. Cullman's Brilliance, Part Two

The intertwinings of tobacco history.

invariant.substack.com

Devin LaSarre @devinlasarre.bsky.social · 7mo ago

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

Edgar M. Cullman's Brilliance

Consistency, cunning, and cigars.

invariant.substack.com