British American Tobacco may lack the Magnificent Seven’s cheery consensus, but it has a lot to offer


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Open this photo in gallery: The London offices of British American Tobacco, in England, on Jan. 15, 2021.TOBY MELVILLE/Reuters Trevor Scott, CFA, is the portfolio manager and founder of Tidefall Capital Management. One of Warren Buffett’s most notable quotes is that investors “pay a very high price in the stock market for a cheery consensus.” This lesson was from a 1979 Forbes article where Mr. Buffett correctly highlighted that despite a lack of enthusiasm for equities, stocks were extremely attractive, with the S&P 500 trading at just eight times earnings. Presently, the S&P trades at 25 times trailing earnings, an...