Community Bank System Reports Fourth Quarter and Full Year 2016 Results
Former RJR Nabisco CEO F. Ross Johnson Dies at Age 85 -- Update
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.
Dividend investors might find Kraft's cash flow appealing, while Mondelez appears to be more fairly valued.