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SAM - did we miss it?

I have Boston Beer (ticker SAM) in my CAPs portfolio from October. It is up 25%. I have been in an out of it several times over the last few years. Its been a bit bumpy.

Although Boston Beer is one of the few beer investments available to us, until recently most of its beer was brewed by Miller under contract. They set about building a new brewery in Boston, but then a few breweries in Pennsylvania became available. They signed a luctrative toll brewing contract with one that anticipated investments to upgrade equipment, but then abandoned both of those options and bought a second PA brewery when it became available.

So finally they are moving toward brewing most of their own beer. That should give them better control of costs. They have achieved national distribution. Have a quality advertizing program.

So no, we didn't miss it. I think SAM is still a buy. Its a true growth company as long as they can continue to sell more barrels every year and grow earnings.

That's a song I never get tired of hearing. I'll whistle the tune as long as the music plays.
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