Community Business Bank Announces Record Earnings in 3rd Quarter End Results
Fitch Rates Mondelez's Senior Unsecured Notes 'BBB'
Hershey's CEO To Step Down -- WSJ
Hershey CEO J.P. Bilbrey to Step Down
We've bumped up our fair value estimate for Mondelez as the firm's cost savings take hold.
Our top managers remain cautious, focusing more on relative valuation and increasing their willingness to book gains in the face of a rising (but potentially overvalued) market.
Our top managers continue to focus on higher-quality businesses rather than seeking out bargains in a market that (in many of their minds) has become fully valued.
Our top managers continue to find attractive buying opportunities in wide-moat firms.
The ongoing rally in the equity markets continues to limit the buying and selling activity of our top managers.