spielman noted that model is under threat no longer falling at a slow and steady pace. it recently developed its killer app. juul it looks more like a piece of technology than a vape pen and delivers more nicotine than the competition. sadly, popular with teenagers. the sales grew in eight fold it is a great growth story in a perfect world, no one would inhale this stuff. but we don't live in a perfect world. reality aside, work with me, this thing is selling like crazy and eating into a tobacco industry in the way other ecigs never could. spielman describes the difference to juul some cigarette companies have announced knock offs landscape has changed and -- make it is much more difficult for anyone in the industry to generate earnings growth while the tobacco companies can get into vaping, they become money losers he worries about their earnings. who would want to swap out of an incredibly profit business and lose money profitable over time allowing them to sell more high margin consumables as spielman explains the moment juul is eating everyone's lunch. before the do