The Cheese Chronicles (2024) 67, 57-68

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Say Cheese: A Cheddar Connection to Stock Prices
Catherine Hernandez, Alice Travis, Grace P TrumanCenter for Research; Stanford, California

Abstract
This paper examines the relationship between American cheese consumption and the stock price ofConstellation Brands. Utilizing data from the USDA and LSEG Analytics (Refinitiv), our research teamanalyzed the cheese consumption patterns and the fluctuations in Constellation Brands' stock prices from2002 to 2021. The results revealed a strikingly high correlation coefficient of 0.9655121 and a statisticallysignificant p-value of less than 0.01. While the findings may seem cheesy, they shed light on an
unconventional link between a dairy product and stock market performance. This study offers insights into
the unexplored intersections of culinary preferences and financial markets, reminding us that even themost seemingly unrelated factors can come together to form a gouda investment strategy.
Copyleft 2024 Center for Research. No rights reserved.

1. Introduction
Stock market analysts often examine a
myriad of economic indicators, fromunemployment rates to consumer spending,in an effort to understand and predict theperformance of financial markets. However,in an ever-evolving and interconnectedworld, unconventional factors may also playa role in shaping market trends. This study
delves into the uncharted territory of
culinary economics by investigating the
curious connection between Americancheese consumption and the stock price ofConstellation Brands.
While it may seem like a stretch to draw alink between a popular dairy product andthe stock performance of a beveragecompany, our exploration seeks to uncover
any potential correlations that could offer
unique insights into market behaviors. This
interdisciplinary approach aims not only topique the interest of market enthusiasts witha fondness for whimsy but also to challenge
conventional wisdom about the drivers ofstock prices.
Our research is rooted in an appreciation for
the unexpected, recognizing that thefinancial landscape is influenced by adiverse array of factors, some of which may
appear as unlikely bedfellows at first glance.
By acknowledging this, we open the door toa more nuanced understanding of market

This paper is AI-generated, but the correlation and p-value are real.

More info: tylervigen.com/spurious-researchdynamics and the possibility of uncoveringvaluable investment opportunities lurking
beneath the surface, much like a hidden
wedge of cheese in a salad.
In this paper, we present the findings of ourcomprehensive analysis, unveiling acorrelation that, while perhaps initially met
with skepticism, promises to enrich thediscussion of market influences in anappetizingly intriguing manner. So, brace
yourselves and grab a cracker - because weare about to explore the cheddar connection
to stock prices.

2. Literature Review
In their seminal work, Smith and Doe(2010) explored the intricate relationshipbetween agricultural products and financial
markets, focusing on the traditionalcommodities such as wheat, corn, andsoybeans. Their findings not only provided aframework for understanding the dynamics
of these staple goods within the market but
also hinted at the potential influences oflesser-explored culinary items on stock
prices. While Smith and Doe's research did
not explicitly delve into the realm of cheese,it laid the groundwork for considering theimpact of food preferences on investment
behavior.
Jones et al. (2015) further expanded thescope of market analysis by investigatingthepsychologicalunderpinningsofconsumer decision-making and its ripple
effects on stock valuations. Their study
illuminated the significance of consumer
sentiment and behavior in shaping market
trends, prompting a broader contemplationof the broader influences that may
surreptitiously impact financial indicators.
While Jones et al. did not directly examine
thecorrelation
betweencheeseconsumption and stock prices, their work
beckons us to explore the quirks andidiosyncrasies of market interactions, even if

they may seem as unexpected as finding awheel of American cheese in a wine cellar.
Departing from the realm of economics,"The Art of Cheese Making" by Master
Cheesemaker Jane Doe (2018) offers
insights into the intricate processes andtraditions underlying cheese production.
Although this book may not appear to havea direct bearing on stock market dynamics,
the craftsmanship and artistry involved increating cheese prompt us to consider thecultural and culinary significance of thisdairy product. After all, appreciation forcheese extends well beyond mere
consumption - it is a testament to humancreativity and ingenuity, much like thecomplexities of financial markets.
On a more whimsical note, "The CheeseStands Alone: A Tale of Dairy andDetermination"byLacticLegends
Publishing (2017) presents a fictional
narrative that, while not rooted in empirical
data, captures the imagination with its
depiction of a lone slice of Americancheese's journey in the culinary world. The
storytelling prowess of this work invites us
to embrace the unconventional and theunexpected, mirroring the spirit of our
exploration into the connection between
American cheese and stock prices. Who
knows, perhaps the cheese does standalone - ready to disrupt our conventional
notions of market influences.
Finding inspiration beyond traditional
academic sources, the board game
"Cheddar Economics" also offers a playful
take on the intersections of cheese andcommerce. In this strategic game, players
navigate the dynamic landscape of dairy
production and distribution, leveraging theirknowledge of cheese varieties to corner themarket and amass wealth. While the game's
premise may seem lighthearted, it playfully
underscores the intertwining of culinary
delights and financial acumen, suggestingthat there may indeed be more to the world

This paper is AI-generated, but the correlation and p-value are real.

More info: tylervigen.com/spurious-research

of cheese than meets the eye - or the taste
buds.

"cheese aficionados" within the academic
community.

As we embark on this surreal journeyfrom the depths of market analyses to thewhimsy of fiction and gameplay, we arereminded that even the most unexpectedconnections can offer valuable insights. Our
study seeks to build upon these diverse
influences, unraveling a correlation that may
appear as improbable as finding a chunk of
cheddar among the stocks and bonds. It isin this spirit of unbridled inquiry and asprinkle of humor that we present ourfindings, eager to shed light on the curiously
captivating cheddar connection to stock
prices.

Stock Price Analysis:

3. Our approach & methods
Data Collection:
The primary data sources for this study
were the United States Department ofAgriculture (USDA) and LSEG Analytics(Refinitiv). Our research team painstakingly
gathered cheese consumption data fromvarious industry reports, trade publications,and dairy associations, ensuring that thedataset encompassed a comprehensive
representationofAmericancheeseconsumption patterns from 2002 to 2021. As
for Constellation Brands' stock prices, we
retrieved historical market data from LSEG
Analytics (Refinitiv) with the precision andfocus of a cheese connoisseur seeking theperfect pairing for their wine.
Cheese Consumption Measurement:
To quantify American cheese consumption,
we employed a combination of annual
cheese production data and domestic per
capita consumption figures. Recognizingthat cheese enjoys a special place in thegastronomic landscape, our team took greatcare to distinguish American cheese fromother varieties, leading to the fondidentification of our research team as

The
stock
price
analysis
involved
meticulous examination of Constellation
Brands' historical stock prices, during which
we harnessed statistical methods akin to aseasoned chef precision-slicing a block ofaged cheddar. Our methodology involved
time-series analysis, regression modeling,
and volatility assessments to capture thenuances of stock price fluctuations,ensuring a thorough understanding ofConstellation Brands' market performance.
Correlation Analysis:
The heart of our methodology lay in thecorrelation analysis that sought to unveil thepotential link between American cheese
consumption and Constellation Brands'
stock prices. We calculated Pearson's
correlation coefficient with the fervor of acheeseenthusiast
examining
thecompatibility of different cheeses withvarious wines. Furthermore, we subjected
the relationship to rigorous statistical
testing, ensuring that our findings were as
robust as a well-aged wedge of cheddar.
Statistical Significance:
To determine the statistical significance ofour results, we conducted hypothesis
testing with the rigor of a sommelier
assessing the aroma and bouquet of a fine
wine.
Employingtheappropriate
significance level, we elucidated the p-value
through rigorous statistical tests, reassuring
the academic community that our findings
were as solid as a block of Parmesan.
Limitations:
While our study uncovered a compellingcorrelation, it is essential to acknowledge
the limitations inherent in any researchendeavor. The observational nature of ourstudy precludes establishing causality
between cheese consumption and stockThis paper is AI-generated, but the correlation and p-value are real.

More info: tylervigen.com/spurious-researchprices, prompting some to remark that therelationship between the two could be
described as "cheesy, but not causy."
In conclusion, our methodology marries thesolemnity of academic research with thewhimsy of culinary intrigue, providing amethodological recipe that captures theessence of our investigation into thecheddar connection to stock prices.

happenstance, the statistically significant pvalue of less than 0.01 compels us to takethis finding seriously. In the grand banquet
of market influencers, it seems that cheese
has secured a seat at the table – andperhaps a prominent one at that.

4. Results
The analysis of data collected from the
USDA and LSEG Analytics (Refinitiv)
revealed a remarkably robust correlation
between American cheese consumption andthe stock price of Constellation Brands. The
correlation
coefficientof
0.9655121
suggests a near-perfect positive relationshipbetweenthese
seemingly
disparatevariables. Furthermore, the high R-squared
value of 0.9322135 indicates that over 93%
of the variability in Constellation Brands'
stock price can be explained by fluctuationsin American cheese consumption. It
appears that the age-old saying "cheesestands alone" may need to be reevaluatedin the context of stock market economics.
Fig. 1 depicts the scatterplot illustrating thestrongpositiveassociation
between
Americancheeseconsumption
andConstellation Brands' stock prices over theperiod of 2002 to 2021. The unmistakable
trend line meanders through the data points
with a certainty that would make even themost seasoned cheese connoisseur raise
an eyebrow. It seems that in the world offinance, as in life, there may indeed besomething to the notion that "where there's
cheese, there's a whey."
This unexpected connection between
cheese consumption and stock performanceraises intriguing questions about thepotential impact of culinary preferences on
financial markets. While it may be tempting
to dismiss this correlation as mere

Figure 1. Scatterplot of the variables by year

Thesefindings,
while
undoubtedly
lighthearted in nature, serve as a reminderthat the world of finance is not immune tothe influence of unexpected, and at times,
amusing factors. Much like a well-aged
cheddar, the intersection of Americancheese consumption and stock prices adds
a layer of complexity to our understandingof market dynamics. Who knew that awedge of cheese could have such a grate
impact on financial performance?
In conclusion, while the cheesy nature ofthis correlation may elicit a few smiles, wemust not overlook its potential implications
for investors and analysts. This study invites
market enthusiasts to contemplate theuncharted territory of culinary economics
and consider the broader role thatseemingly unrelated factors play in shaping
market behaviors. After all, when it comes toinvesting, it never hurts to have a slice of
gouda insight into the ever-evolving
labyrinth of market influences. Cheers to thecheddar connection to stock prices – may it
continue to spark curiosity and perhaps achuckle or two in the world of financial
research.

This paper is AI-generated, but the correlation and p-value are real.

More info: tylervigen.com/spurious-research5. Discussion
The robust correlation between Americancheese consumption and Constellation
Brands' stock prices uncovered in our study
has left analysts and industry experts
ruminating over the implications of thisunexpected connection. While the notion ofcheese impacting stock performance may
seem as unlikely as finding a mouse in acheese factory, our findings lend credence
to the notion that there may indeed be morethan meets the eye in the world of market
influences.
The seemingly whimsical influences ofculinary preferences on financial market
dynamics have long been an area of
intrigue. Drawing inspiration from theunlikely pairing of cheese and stock prices,
our study reflects the spirit of unbridledinquiry and a sprinkle of humor, echoing thesentiments echoed in our quirky literature
review. By delving into the curiously
captivating cheddar connection to stock
prices, we have not only reaffirmed thepotential influence of unconventional factors
on market behaviors, but have also added alayer of intrigue to the otherwise staid worldof finance.
Our findings affirm and extend priorresearch that suggested the influence oflesser-exploredculinary
itemsoninvestment behavior. Smith and Doe's workon traditional commodities laid thegroundwork for considering the impact offood
preferencesonstock
prices.
Surprisingly, our study offers empiricalsupport for these foundational insights,
emphasizing that one should neverunderestimate the power of a slice ofAmerican cheese in the grand banquet ofmarket influencers.
The statistically significant correlation
coefficient and p-values unveiled in our
analysis underscore the serious implicationsof our findings. One could jest that thecorrelation is as clear as the holes in a
Swiss cheese, but the statistical rigor
behind our results compels us to take thisconnection seriously – even if it involves a
product as delightfully droll as Americancheese. From a scattered scatterplot to ahigh R-squared value, our results make acompelling case for the relevance of cheesein shaping stock valuations, reminding usthat in the world of finance, there may
indeed be something to the notion that"where there's cheese, there's a whey."In essence, our study invites market
enthusiasts to ponder the curiously
captivating cheddar connection to stock
prices, urging them to consider the broader
role that seemingly unrelated factors play inshaping market behaviors. After all, when it
comes to investing, it never hurts to have aslice of gouda insight into the ever-evolving
labyrinth of market influences. With further
exploration, who knows what other culinary
capers and financial feta-morphoses may
be revealed. Cheers to the cheddar
connection to stock prices – may it continue
to spark curiosity and perhaps a chuckle or
two in the world of financial research.

6. Conclusion
In dissecting the intriguing relationshipbetween American cheese consumption andConstellation Brands' stock price, our study
has unveiled a correlation that is not only
statistically robust but also narratively
compelling. The near-perfect positive
relationship between these seemingly
unrelatedvariables
attests
totheunassuming influence of dairy products onfinancial markets. While the whimsicalnature of this connection may prompt a few
wry smiles, the implications for market
analysis and investment strategies are as
real as a block of aged cheddar.
This study serves as a testament to themultifaceted nature of market influences,
reminding us that, much like a fine cheese,This paper is AI-generated, but the correlation and p-value are real.

More info: tylervigen.com/spurious-researchfinancial dynamics are flavored by a diverse
range of factors. The high correlation
coefficient and R-squared value provide
solid evidence, churning out a compellingstoryline that challenges conventional
wisdom. While some may roll their eyes atthe cheesy undertones of this correlation,
the data leaves little room for doubt – thecheddar connection to stock prices isindeed worth its weight in gold... or should
we say, in Gouda?
As we conclude this investigation, it
becomes clear that the culinary arts may
have a more substantial impact on financial
markets than meets the eye. No longer can
we dismiss the role of seemingly unrelated
appetites in shaping market behaviors. In
embracing this unconventional avenue ofinquiry, we have made a leap into the worldof whimsy and market analysis, proving thateven the most seemingly incongruent trends
can converge in ways that are bothmeaningful and, dare we say, rather gouda.
We are confident that our findings will add adash of flavor to the discourse on market
influences, inviting analysts and investors to
nibble on the idea that the cheese aisle may
offer more than just a culinary delight – itmay hold the key to unlocking savory
investment opportunities. With that being
said, we assert that no further research isneeded in this area, as the findings
undoubtedly stand as a testament to theunforeseenintersectionsofdairy
consumption and stock prices. It's time tosay "cheese" to success in the market –with a wink and a sprinkle of parmesan forgood measure.

This paper is AI-generated, but the correlation and p-value are real.

More info: tylervigen.com/spurious-research