High-Grade Consumers

Credit awards 2002

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What was one of the worst calls to make over the past year in your sector that you avoided?

A poor call would have been to tell investors not to participate in the new issues from consumer companies. New issues from Unilever, Gallaher, Ahold, Marks & Spencer and several others all performed well after issuance. These issues came at relatively fair prices and fit well the increasing ‘diversification bid’ in the market.

What is the most controversial or hard-hitting statement that you are

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