Sara Lee was an exceptional company with compounded earnings-per-share growth exceeding 12% a year for 25 years. But I think the clock stopped for Sara Lee in 1995.

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The ruling eliminates the risk of a large-scale financial verdict, should increase the market's visibility of Philip Morris' long-term U.S. tobacco market share and profit growth, and avoids press coverage of the industry airing its internal issues in public.

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