$DGE

Quick thought on $DGE (Diageo) responding to media speculation on spinning off MH stake or listing Guinness — Deb Crew (DGE CEO) wouldn’t part with MH as obligated to sell to LVMH at a 20% discount (they have first option on that… and do you think Daddy Arnault would part with it?? Never). BUT do see a Guinness listing as possible … Gen Z drink it in droves and it is a rare bright spot on DGE’s portfolio … a listing (not on the LSE?) could unlock value… and Deb Crew needs a win.

Also thinking about China — met with several ex HF and private bank folk from HK recently who are bullish on the area, in spite of recent sentiment. Food for thought … remember these companies trade at far lower multiples than the Mag 7…! My mind is increasingly turning to those HK stocks…