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Sometimes companies are priced at a premium and for a good reason. High return on invested capital backed by sustainable competitive advantages and strong management team with clear stewardship role is almost always a recipe a good investment. Mondelez (MDLZ) has all the traits mentioned above on top of potential for a significant multiple repricing going forward.
I suggest you consider how you might have reacted if someone had suggested you invest in Coca-Cola or Colgate at, say, twice the market p/e in 1979. In rejecting that idea you