Me too. Got mine today at 15 3/4. If anyone doubts Keebler or Mrs. Smith's will be around in 20 years... |
Backing out non-cash and interest expense, I see them earning over 20% on capital in a down year. The story makes sense to me: capital and information age improvements expensive now, but improved distribution and profitability later. Feels like no one's looking as I steal this.
The debt probably would rule it out for Buffett, but they could pay it down rapidly if they wish. As far as I'm concerned, they don't have to.