The average person, after working all day, doesn't want to come home and analyze 12 different European restaurant stocks or figure out the average revenue per customer for the telecom stocks. This is very time-consuming. But if it's your specialty, you can add value. This is not to say that someone who bought Nestl and held it for ten years wouldn't make money. For example, we've bought Danone, a French company that is focusing on its core products, which are yogurt and mineral water.
Mineral water is a huge growth business.
We don't drink much of it in the U.S., but Europeans do. The Kiplinger Washington Editors, Inc.