Postcards: Why Is Pepsi Trading at 27 Times Earnings?
Great businesses are great investments... but fundamentals now finally matter in this market. Can we justify this investment? Can we justify any investment over 25x times earnings that isn't in tech?
Dear Fellow Expat:
My daughter FINALLY got an opportunity to go trick-or-treating.
She was sick with COVID two years ago, sick with the flu last year, and 2020 was a wash because of the Coronavirus shutdowns.
We built this Halloween adventure up.
We talked to her for a week about how AWESOME trick-or-treating can be.
We discussed all the candy she’d get… and my wife and I were happy that, for once, she got to be a kid on Halloween.
So… she put on her Elsa costume from Frozen.
We got in the golf cart.
We approached the first house…
And the first person to ever give her a Halloween “treat” gave her…
Top Ramen.
Not even Maruchan Ramen.
Top Ramen!
I know that candy inflation was bad this year… but this can’t stand…
I’m so confused.
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