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Walter Czaicki  - It's a leading soft drink producer, but we feel that the real story there is in their salty snack business - brand names such as Lay's potato chips, Doritos, if you will. This is a segment of Pepsi's business that is growing very fast and has the highest margins and the real meaningful edge for Pepsi. If PepsiCo even gains a little bit of incremental market share going forward, that should be a very huge positive for the company, in that the salty snack portion of their business represents two-thirds of their profits.

It's a leading soft drink producer, but we feel that the real story there is in their salty snack business - brand names such as Lay's potato chips, Doritos, if you will. This is a segment of Pepsi's business that is growing very fast and has the highest margins and the real meaningful edge for Pepsi. If PepsiCo even gains a little bit of incremental market share going forward, that should be a very huge positive for the company, in that the salty snack portion of their business represents two-thirds of their profits.

Walter Czaicki
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