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FEMSA (FMX) shares haven’t been particularly strong lately (even before the recent market-wide selloff), and I believe at least part of the reason is increasing investor concern over the company’s capital allocation decisions. Acquisitions in the pharmacy and fueling space have yet to really deliver, and now the company is going even further afield to invest in wholesaling and logistics in the U.S. and Brazil. On the other hand, the core OXXO business remains a fortress business for FEMSA, generating significant cash flow that buys the company time for these other investments to