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COPD is mainly caused by smoking, according to the National Institutes of Health

The IHYS found: 36.5% of youth surveyed think there is no risk or slight risk of harming themselves physically or in other ways when they use a vape pen or e-cigarette

Federal court strikes down FDA tobacco warning label law the requirements were a violation of free speech protections The FDA failed to present any data showing that enacting their proposed graphic warnings will accomplish the agency's stated objective of reducing smoking rates

In other words: Holdings with lower expected risks and higher expected returns should have larger position sizes Holdings with higher expected risks and lower expected returns should have smaller position sizes There are a million ways to do this, but I start by categorising holdings as defensive or cyclical and give them a default size of 4% or 3% respectively (I'm looking to hold around 20-25 companies, so 3-4% each is in the right ballpark)