There are “No Sacred Cows” in Constellation’s Portfolio

Dear Client:     Beer accounts for the bulk of Constellation's business, and their beer portfolio is performing well. As such, Bernstein analyst Nadine Sarwat asked Constellation chief Bill Newlands at Bernstein's annual Strategic Decisions Conference yesterday what strategic role wine and spirits play for the company.  Part of that answer is that it allows Constellation to "play in more of those occasions [for bev alc] than it would be if we were more narrow in our portfolio," said Bill.  Pushing