Shares of British American Tobacco (BTI -2.26%) are down about 33% since peaking in early 2022, and they're down nearly 60% from their all-time high. On the surface, this poor performance makes sense. While demand for tobacco products is strong in some geographic regions, tobacco usage in the U.S. is in a perpetual decline. The company expects global tobacco industry volumes to drop 3% this year, with the U.S. driving much of that decline. One of the main reasons to own British American Tobacco stock is the ...