The Hershey Trust (https://www.sec.gov/Archives/edgar/data/47111/000095014226002078/xslF345X06/es260806081_4-hsy.xml) on July 15 across a 3-point range — textbook rebalancing of overweight equity exposure, not panic. HSY trades at a 24.8x net margin multiple (margin 10.8%) while $KO and $CAG trade at 18-20x. That premium exists because investors priced in perpetual 2-3% pricing power forever.

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