As a physician who is interested in the use of vaping as a way to reduce the death and disability due to smoking, it is a bit disturbing to see vaping viewed as a way to make profits for investors. This post is based on a report British American Tobacco (BAT) provided on Investor Day, March 2019. BAT sees new forms of nicotine as a way to attract new consumers, many of whom never smoked. They will use different nicotine products at different times of the day. The profit margins on new products will be higher than on traditional tobacco. The vaping market will become focussed on closed pod systems, mostly sold through traditional retailers rather than specialist adult-only vape shops. There will be consolidation and increased regulation, so only a few big companies, including BAT, will survive. New products will be even better than JUUL at attracting and retaining users. Social media will be heavily used to create branding and customer loyalty. BAT and its investors will make immense profits.