With the enormous price volatility experienced in the stock market over the past several months, we made several changes to the core equity portfolio. Before we review some of these changes, we believe that a simple investment framework will help understand our logic, beginning with Benjamin Graham’s definition of investing: “An investment operation is one … Read more
We increased our position in Anheuser-Busch InBev to now represent a five percent position in client portfolios. The company’s publicly-traded shares are currently trading at multiyear lows. Sceptics point to general weakness in the consumer staples sector coupled with specific weakness in Brazil and the United States as justification for the sell-off in AB InBev’s shares over the past several … Read more
We recently added to our position in Anheuser-Busch InBev. We find the company’s worldwide scale and massive distribution capability to be very attractive investment attributes when searching for investment companies with sustainable competitive advantages. Quite simply, Anheuser-Busch InBev is the dominant beer brewing company in the world with a diversified portfolio that includes eighteen separate … Read more
Anheuser-Busch InBev SA/NV operates as a holding company, which manufactures and distributes alcoholic and non-alcoholic beverages. Its brands include Budweiser, Corona and Stella Artois; multi-country brands Beck’s, Castle, Castle Lite, Hoegaarden and Leffe; and local brews, such as Aguila, Antarctica, Bud Light, Brahma, Cass, Chernigivske, Cristal, Harbin, Jupiler, Klinskoye, Michelob Ultra, Modelo Especial, Quilmes, Victoria, … Read more