The J.M.Smucker Company (SJM)

[jefedelforo]

Ted SeeksQuality

La diferencia entre “defensive” y “quality” usando SJM como ejemplo I’m probably going to ruffle some feathers with this, but will go ahead and say it anyways… People often misunderstand the difference between Defense and Quality, and attribute a Moat to companies that in my opinion have little or none. The difference between a Defensive stock and a Sensitive stock has to do with how the earnings respond to macroeconomic conditions. Consider UTX, for example? Earnings fell from $4.90 to $4.1…