Several down grades came out for brewers and distillers lately which have depressed Bass stock. This does not sufficiently consider that Bass is now one of the world's largest hotel owners. They are taking advantage of their chains to optimise the placement by converting hotels to better represent their locations. Better placed Holliday Inns to become one of their higher end hotels, etc... Soon the brewery will be much the lesser part of the company. Think of it as resession insurance. If business drops off so that fewer hotel rooms are taken, then the depressed Businessmen will just drink more.
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