A View from Wall Street: Leadership Changes, M&A, Pricing & More 

Dear Client:  Bernstein analyst Nadine Sarwat recently joined our colleagues on Beernet Radio, providing the view from Wall Street on hot topics including recent leadership changes, what happened with the Brown-Forman and Pernod deal, the current pricing environment, and more.  WHY B-F & PERNOD COULDN'T MAKE A DEAL. Brown-Forman and Pernod Ricard made headlines earlier this year when the two confirmed they were in talks for a potential "merger of equals."  "I think the first thing to remember is that