Dear Client:As you'll recall, on Halloween we wrote a spook-tacular yet tough-love opinion piece that ABI's miserable stock performance this year is directly related to "Brito's Conundrum", i.e. there's nobody left to fire, which has been his overriding strategy for margin growth for ten plus years. (Turns out I spoke too soon as A-B kept to their holiday tradition of laying off even more North American brewery workers last week). Currency fluctuations and emerging market problems have been particularly unkind
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