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Following brief upward momentum after we first bought Hershey, the stock proceeded to slide downward. Cocoa prices remain elevated, and there is significant uncertainty surrounding the short-term impacts on the company's operations. However, Hershey's recent earnings report shows that the company is more resilient than it may appear.
Despite a 20% stock decline, Greg emphasizes that there are still many things to like about Hershey. Simply put, there is much more to the story than the current price of cocoa. Going a bit deeper, Greg examines the cocoa supply chain, specifically the impact of weather and geopolitical issues on production in major countries like Ivory Coast, Ecuador, and Ghana, highlighting several factors that suggest a possible future drop in cocoa prices. He further discusses Hershey's superb hedging strategies, strong balance sheet, and potential for high returns through dividends and stock growth within the next decade. Ultimately, Hershey's attractive valuation, dividend yield, and potential dividend growth allow investors to start with an advantage. In closing, Greg presents a Suber Bowl analogy to underscore the patience required for long-term investing, contrasting it with the short-term focus prevalent in current market analysis.
00:00 Introduction to The Dividend Mailbox
02:16 Revisiting the Hershey Story
05:37 Hershey's Market Position and Challenges
07:36 Cocoa Market Dynamics
12:04 Hershey's Financial Health and Strategy
15:29 Investment Strategies and Long-Term Outlook
25:50 Rant on Market Commentary and Short-Term Thinking
31:14 Super Bowl Analogy and Final Thoughts
37:50 Conclusion and Contact Information
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