I don't see any change in strategy, ... the best-performing packaged-food company operating in a difficult environment.
MTV is chock full of ads for spirits. Spirits are more of a hip, for lack of a better term, product than beer or wine,
I have 'buy' ratings on Smithfield and Hormel. I don't follow Tyson, but I could understand why people might be bullish there. There's further to go for these companies.
When he started as CEO I thought Kellogg was a very insular, not-very-worldly-wise type of company. It's now about as international and as sophisticated as they get.
The best time to buy a poultry company is when it's been beaten up.
Kellogg, for a lot of years, was behaving exactly as Kraft is behaving now.
Kellogg continues to be the best managed of the large-cap packaged foods companies and remains committed to making the investments today that assure growth in the future. It consistently outspends and out-innovates its competition.
People in the short run do react to health concerns, but in the long run they don't change their eating habits.
There is a lack of innovation, lack of reinvestment, and lack of news in the category. We're not recommending any large-cap food names.
