How to diversify and like it.

The article presents information about American Brands Inc. The peewee of the big three in tobacco has a mere $7 billion revenues, compared with R.J. Reynolds Tobacco Co.'s $13 billion and Philip Morris Cos. Inc.'s $14 billion. But in the dangerous art of diversifying there are measures of success more important than size. Look at the non-tobacco figures. American Brands' operating margin there is 10.9%, Reynolds' 7.8%, Philip Morris' just 4.6%. At American Brands there are life insurance, Pinkerton detectives, and office shredding machines.