Devin LaSarre
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devinlasarre.bsky.social
Devin LaSarre
@devinlasarre.bsky.social
280 followers 56 following 150 posts
Strategist, designer, investor.

Robust brands, regulation, and busted narratives. Valuation matters.

Writing on all things finance at http://invariant.substack.com
Posts Replies Media Videos
devinlasarre.bsky.social
Imperial Brands: Never Complacent
invariant.substack.com/p/imperial-b...
Imperial Brands: Never Complacent
FY'25 note.
invariant.substack.com
November 23, 2025 at 2:02 PM
devinlasarre.bsky.social
Scandinavian Tobacco Group: Washed
invariant.substack.com/p/scandinavi...
Scandinavian Tobacco Group: Washed
Q3'25 note.
invariant.substack.com
November 16, 2025 at 1:29 PM
devinlasarre.bsky.social
Haypp Group: Riposte
invariant.substack.com/p/haypp-grou...
Haypp Group: Riposte
Q3'25 note.
invariant.substack.com
November 9, 2025 at 5:11 PM
devinlasarre.bsky.social
Altria: Drift
invariant.substack.com/p/altria-drift
Altria: Drift
Q3'25 note.
invariant.substack.com
November 2, 2025 at 12:23 PM
devinlasarre.bsky.social
Philip Morris International: ZYNsn't It?
invariant.substack.com/p/philip-mor...
Philip Morris International: ZYNsn't It?
Q3'25 note.
invariant.substack.com
October 26, 2025 at 1:03 PM
devinlasarre.bsky.social
Nicotine Certainty
invariant.substack.com/p/nicotine-c...
Nicotine Certainty
Industry evolution and endgame.
invariant.substack.com
October 19, 2025 at 3:06 PM
devinlasarre.bsky.social
Imperial Brands: A Plus With Cs
invariant.substack.com/p/imperial-b...
Imperial Brands: A Plus With Cs
2025 pre-close note.
invariant.substack.com
October 12, 2025 at 12:57 PM
devinlasarre.bsky.social
Bubble Trouble
invariant.substack.com/p/bubble-tro...
Bubble Trouble
On opportunity, competition, and capitalization.
invariant.substack.com
October 5, 2025 at 2:14 PM
devinlasarre.bsky.social
Reynolds Consumer Products: Non-Durable Durability
invariant.substack.com/p/reynolds-c...
Reynolds Consumer Products: Non-Durable Durability
September business update.
invariant.substack.com
September 28, 2025 at 12:50 PM
devinlasarre.bsky.social
Making Your Own Magic
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Making Your Own Magic
On playing your cards right.
invariant.substack.com
September 21, 2025 at 3:00 PM
devinlasarre.bsky.social
Under Pressure
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Under Pressure
US NP market update.
invariant.substack.com
September 14, 2025 at 11:37 AM
devinlasarre.bsky.social
Per-Pouch Price Premium
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Per-Pouch Price Premium
Increasing competition in the US nicotine pouch market.
invariant.substack.com
September 7, 2025 at 12:31 PM
devinlasarre.bsky.social
Scandinavian Tobacco Group: Racked
invariant.substack.com/p/scandinavi...
Scandinavian Tobacco Group: Racked
Q2'25 note.
invariant.substack.com
August 31, 2025 at 1:34 PM
devinlasarre.bsky.social
Defiance
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Defiance
Nicotine taking the FDA head-on.
invariant.substack.com
August 24, 2025 at 1:22 PM
devinlasarre.bsky.social
Haypp Group: Skyward
invariant.substack.com/p/haypp-grou...
Haypp Group: Skyward
Nicotine pouches. Value creation. Value capture.
invariant.substack.com
August 17, 2025 at 10:12 PM
devinlasarre.bsky.social
British American Tobacco: Steadied
invariant.substack.com/p/british-am...
British American Tobacco: Steadied
H1'25 note.
invariant.substack.com
August 10, 2025 at 12:54 PM
devinlasarre.bsky.social
Altria: Lean
invariant.substack.com/p/altria-lean
Altria: Lean
Q2'25 note.
invariant.substack.com
August 3, 2025 at 12:46 PM
devinlasarre.bsky.social
Philip Morris International: Steadfast
invariant.substack.com/p/philip-mor...
Philip Morris International: Steadfast
Q2'25 note.
invariant.substack.com
August 3, 2025 at 12:46 PM
devinlasarre.bsky.social
Logista: Sustained
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Logista: Sustained
Q3'25 note.
invariant.substack.com
August 3, 2025 at 12:46 PM
devinlasarre.bsky.social
The Nicotine Horizon
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The Nicotine Horizon
Industry musings.
invariant.substack.com
August 3, 2025 at 12:46 PM
devinlasarre.bsky.social
If You Can’t Send Money, Send Tobacco
invariant.substack.com/p/if-you-can...
If You Can’t Send Money, Send Tobacco
The lifeblood of colonial America
invariant.substack.com
July 6, 2025 at 12:00 PM
devinlasarre.bsky.social
Nicotine in Japan
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Nicotine in Japan
History, IQOS, and implications for the U.S. market.
invariant.substack.com
July 6, 2025 at 11:59 AM
devinlasarre.bsky.social
Foiled
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Foiled
A thesis on a company facing a confluence of headwinds.
invariant.substack.com
June 22, 2025 at 9:28 AM
devinlasarre.bsky.social
From Japan With Love
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From Japan With Love
Journey, discovery, and Invariant's 3-year mark.
invariant.substack.com
June 22, 2025 at 9:28 AM
devinlasarre.bsky.social
British American Tobacco: Pinhole
invariant.substack.com/p/british-am...
British American Tobacco: Pinhole
ITC and H1 2025 Pre-Close note.
invariant.substack.com
June 8, 2025 at 10:33 AM