That was an interesting interview. It sounds like they are operating with a temporary replacement at CEO (a senior member of the BOD). So the company is in transition, not only with new management but also they'll be concentrating more on the higher margin segments.
Having a significant animal feed side to the business seems like a great idea. Both livestock and domestic pet sectors tend to be steady and resistant to recessions. I remember years ago Peter Lynch said he looked for profitable but relatively dull/ boring niches and businesses since they are often both steady and undervalued.
The trendy sectors are fun to follow, but when it's time to actually invest real money, I like the boring areas like consumer staples, waste management, utilities, water related, etc. Funeral services is another great area (Service Corp - SCI). Lynch said that one of his all time best investments was in a company that owned a rock quarry. No other analysts bothered covering it, so it had very low valuation combined with steady/growing profits, plus low beta/volatility.
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