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Since a person can only drink so much liquid in a day, due to the physiological limits of bladder and stomach, the rise of one beverage's fortune cannot occur without the fall of another's. Thirst is a zero-sum game.
At first glance, PepsiCo (PEP) does not appear massively different from the other strong names in the sector. It has one of the best brands in the space, growth profile is not massively different and it appears to be just fairly valued within the large-cap food and beverage industry.