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Hi Dave,

You are right the board never picked up. I suppose JBSS was a bit on the small side. And until this year, I doubt if many ever heard of them. The momentum thing that you mentioned probably did scare a lot of people off. It did go up very quickly.

One I am looking at now and bought some too is CALM Cal-Maine. It is benefiting from the same protein diet programs that are very popular now such as the Adkin's diet. Eggs are selling at the highest prices they have sold for in 23 years. It is still a very cheap source of non-meat protein. It has also benefited from the negative news about mad-cow disease.

JBSS has a much higher barrier to entry into their markets. It is far harder to start raising peanuts than increasing the hen population. In fact, that is the real threat to CALM. As the high prices continue, producers are likely to increase the hen population bringing more eggs to market which will lower the prices and margins for companies such as Calm.

Calm is the largest egg producer in the US serving 26 states. It has a very low multiple and the last two earnings reports have been spectacular. It appears to be shadowing JBSS's success.

When I first found JBSS, it too had a very low multiple. CALM has a multiple of near 12 about the same as JBSS was when I first posted about it. I think CALM has similar prospects. The next quarterly report will be out in March and I am figuring investors will bid it up expecting a similar report as the previous two.

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