Tyler Crowe

Personally, as I looked at the initial deals, I was a little dubious.

But if forced to choose, I would probably say the Cisco deal looks a little bit better.

But I wanted to turn to you guys and see what you guys thought of both of these.

I'm going to start with you, Matt.

Are either of these deals making Cisco or McCormick more attractive

uh the strategy could make sense mccormick and paper i think is better managed so i i am at least curious to see how this plays out to lose point thinking about like jamming stuff into trucks it it certainly there there is some sort of logic to what's going on here but i feel like m a activity in specifically in like consumer brands has been like that joke from the tv show arrested development it became like an internet meme or it's like well did it work out for them

Then they go, no.

They delude themselves into thinking it will work, but it destroys value.

But it could work for us.

Every single time, I've been running through the mental Rolodex of consumer goods deals over the past decade, where you can say it was definitively a win for its investors.

We mentioned Kraft Heinz.

That was kind of a blunder.

The AB InBev buying SAB Miller to unite the beer world, that was not so great.

Curring Dr. Pepper merger hasn't turned out too well, either.

The jury's still out on this recent one with Kimberly Clark and Kenview.

But I can't think of a major consumer brands deal where we're like, yep, really good stuff.

Now, consumer brands is historically a defensive sector.

So the goal for some investors may be just collect a dividend, call it a day.

It's fine.

That's what a lot of investors want.