In short: Cited as an example, not a stance: the powdered-milk conspiracy of his childhood shows people's "readiness to think the worst of the largest companies," as with Meta today.
59:35So, no need to go down that rabbit hole. But the one observation I would make is I think generally people are quite negative about business in general, and the bigger the business is, the more negative they are about it. So I remember when I was a kid, the big bugbear at that time was Nestlé of all companies, and Nestlé I suppose at the time was one of the largest and most successful companies, still is pretty successful today, and people were convinced that the reason there were all these starving children in Ethiopia and Africa was because Nestlé was sending powdered milk there and the kids were losing
In short: Rossbach (January pick): the world's leading food company performing well — Q1 organic growth +3.5% (coffee +9%), full-year guide 3–4%; new CEO Philipp Navratil driving innovation; 19x forward. Could unwind the 20% L'Oréal stake and buy back stock — "value-added."
In short: Europe's #5 (~$260B consumer staples). "I like chocolate as much as anyone… but it's hardly a compelling investment story" — the punchline of the avoid-Europe case.
17:42After ASML is Roche with a market cap of 330 billion which is a pharma company. Then LVMH 295 billion and a consumer discretionary luxury company. Then Novartis at 290 billion and a pharma company. And number five is Nestlé at 260 billion and a consumer staples food company. By contrast, the market cap of the top five stocks in the US range from 2.7 trillion to 5.1 trillion.
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