I think we see the power of some of the decisions they've made to be a total liquid-refreshment company,

There have only been four presidents of Aerospace. The growth of the company in terms of revenue and power, and him elevating the status of minorities and women in the workplace were things he was proud of. It was always based on merit of course, but he just wanted to make sure that everybody got a fair shake.

Discounting is not working. They are sacrificing profitability and not getting volumes.

Peeling the onion, we are uninspired by the region results and particularly concerned about Japan.

I think it's worth noting, but our initial take is that it's more about fine tuning than about a major change in opinion. He's known as a long-term value investor.

We remain concerned about the company's long-term outlook and management's preparedness to address the challenges. Still, built-in expectations or valuation appear to be low, and 2006 should benefit from the structural elimination of Brazil and a year of disappointing results in 2005.