On the morning of April 28, Altria put out its first-quarter 2022 earnings, showing once again why the tobacco and nicotine business is so resilient to the economic cycle. Second, a scaled cigarette manufacturer like Altria requires minimal capital expenditures and material inputs relative to the size of the business, meaning it is insulated from many inflationary pressures. By far, the most important of these equity stakes is Anheuser Busch, worth around $10 billion and generating consistent dividend income for Altria each year.