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Like tobacco, defense stands out among its peer group for proving to be resilient in the face of inflationary pressures, with only the immediate aftermath of the end of the Vietnam War the sole period of negative real returns for the industry since 1963: Like tobacco, defense stocks have almost always found themselves to be in the cheapest quintiles of the market, which helped during periods such as the inflation of the 1970s when the group suffered far less multiple contraction than the broader market

tobacco production was concentrated in Virginia and Kentucky in 1889, but then expanded into southern states and markets developed south into Florida Source: Atlas of the Historical Geography of the United States, Tobacco, 1889 (Plate 143g, digitized by University of Richmond) Congress passed the Tobacco Inspection Act in 1935

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