Warning, page-59

I think it comes down to far higher than market multiples, which really increases the risk of these sort of corrections / high volatility. I'm not passing judgement on whether or not the multiples are valid / correct, but just highlighting that the swings and overall delta on the stock will be much higher and more violent for stocks that trade c. 70-150 PE. even at these prices, the multiples are still significantly higher than other consumer (including high growth non-dairy) names. It is a simple case of either accepting that this is so, and riding it out, or going into more safer bets. It's kinda like playing no-limit holdem with a really loose player on the table. you might get smashed for a while as you're forced to put chips in and the player is so loose that the swings are significant, but over time if you stay the course you will nearly always end up on top. if you can't handle that reality, than play a softer / smaller game, or go to limit holdup where you put a collar on your downside (and upside) too. good luck all!