Subject: Re: FKA: HSY
Hi Jim,

Thanks for the thoughts here and elsewhere (everywhere). Don't you often say most companies will eventually trade for 12 or 15 times earnings? Why would Hershey be any different in your view? It probably can't be disrupted and if it ever dies it would probably be a longer process than many companies so maybe it should get a slight premium. What do you think the earnings growth will be over 3-5 years. Is that how you view it or are you thinking revert to past mean P/E with a cocoa cost decline kicker?