I may not love the premiums that alcoholic beverage companies carry
today, but I can't fault the underlying premise that these companies pay
for their multiples with solid and relatively consistent performance.
To that end, while British alcohol giant Diageo (NYSE:DEO)
saw some modest erosion in second half growth, the company's
performance continues to offer both a port in a storm and leverage to
emerging market growth. Once again, though, the question is whether
investors ought to pay up for it.