Case Studies

The Pandemic’s Impact on Backus

Backus is responsible for nearly 99% of the beer produced and sold in Peru.  From this dominant market position, Backus earns extremely high margins and returns on capital.  On March 16th, the Peruvian government deemed the production and distribution of…

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Hidden Gem

Thanks to Backus’ lack of an investor relations team, its absence from passive index funds, and its Spanish-only reporting, no sell-side analysts publish research on the company.  Backus is a hidden gem that has the deepest moat of any business…

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