The European financial crisis has been blamed for everything from earnings misses to the stock market's daily movements to bursting of the Tara Reid bubble.
Fears of what's next have slammed European bank stocks like Banco Santander and even providers of utility goods like France Telecom and Telefonica. But within that broader economic storyline, shareholders of Philip Morris International have profited handsomely. Even though Philip Morris relies on the European Union for 40% of its sales, its stock has almost tripled from its lows in 2009. All the while, it's been paying a hefty dividend that's still at a post-run-up 3.6%.
Fool analyst Anand Chokkavelu explains how this is just another example of the danger in relying too much on top-down analysis. The market always surprises.
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