Are Mega-Brands in Permanent Decline?

Dear Client:Last week I spent the week in western Europe, not to tour breweries unfortunately, but to meet with major fund managers who have hundreds of millions invested in the global beer industry. They flatter me by pretending to listen to my take on the US beer industry. Wherever I went, it seemed the main question was whether our big beer brands -- Bud Light, Miller Lite, Coors Light, Heineken, and Corona -- were in a permanent decline due to