just went short, page-16

Hi s2009q, one minute I am reading an analyst forecast that PBG will be $1.60, then bag down to $1.10. imo the drift in market growth and the stronger US$ will not make that much difference to the earnings of PBG. They would have forward bought / stocked for the Christmas period at favourable exchange rates. I expect PBG to strengthen when the christmas sales are published in January.

I started buying Pac Brand early in March, as my feeling was that the strong brands held by the company were totally undervalued. Even in the worse case scenario and the company was split up to reduce debt the brands would have fetched far more in a fire sale. My view has not changed. The company has a strong long-term value. The downside from here is limited, but the upside......