Stock price when the opinion was issued
Consumer staples are outperforming in the last few days, and that speaks to the advantage of having a balanced portfolio. Companies like KHC, UL, KVUE, and Nestle. It's not that they won't be affected (their costs would go up), but they're far less cyclical than other businesses. Earnings will be much more stable. Earnings could fall 10%, but not 50%. Dividends will be sustained.
Companies like Unilever and Nestle are huge in NA, but huge globally as well.
Consumer products spinoff from Johnson & Johnson.
Would not buy at current share price (19x earnings).
Growth is slow (3-4%).
Sees better opportunities elsewhere.
Assumed product liability on products - very expensive.