Gustavo Ballvé on April 15th, 2013
Corporate Strategy, Food for thought, Food, beverage and tobacco, Home, Investment Themes, Portfolio Management, Signal or Noise

This Fortune post about Warren Buffett supposedly ditching his usual playbook, now that Bernardo Hees is set to be Heinz’s new CEO, is just another example of people just not getting 3G’s/Lemann’s/AmBev’s way. Replacing the CEO with someone from the usual team should have been expected from day one – and is an integral part of this whole deal (check out Carlos Brito’s speeches at Stanford). Another interesting mistake is the insistence in looking at this as a Buffett deal when it was so clearly originated by 3G.

As investors we should be grateful for any information asymmetry when we know we’re on the right side of it – extremely rare occasions, by the way. The other side of this is, of course, that when you’re on the wrong side you don’t put too much trust on what you read, treating “stated facts” as conjectures/ hypotheses to be considered and tested (repeatedly).

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