Back in my hedge fund days, we did a TON of work on U.S. egg prices. This was back in 2003-2004 in the throes of the Atkins craze. Pasta companies, companies with a lot of exposure to grain, and anything anti-Atkins was taking a hit. Even the great, Weight Watchers (NYSE: WTW), with just a great business model and brand, was getting whacked. It looked like Atkins, and its seemingly lethal blend of high fat and high protein, was going to stay.
We decided to play this trend by purchasing Cal-Maine Foods (NYSE: CALM), a huge distributor of eggs to the likes of Wal-Mart (NYSE: WMT) and other huge grocery outfits. Based in Jackson, Mississippi, and run by an effervescent CEO, Fred Adams, Cal-Maine rode record egg prices those couple of years. In 2003 alone, the stock was up almost 1000%.
What Mr. Adams told us then was that although Atkins was helping to increase demand for eggs, the egg itself was making a comeback. Once shunned as solely a cholesterol-delivery device, the egg is back in fashion and recognized for its overall health benefits.
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