We took advantage of an opportunity to purchase shares in food products company Post Holdings, Inc. (POST) when its stock fell sharply after the company’s quarterly earnings came in below Wall Street analysts’ estimates, and company management lowered its full-year earnings guidance. We believe the stock is attractive at current valuations and view favorably the company’s diversification away from the slow growing cereal category through acquisitions.
From Diamond Hill Capital (Trades, Portfolio)'s Small Cap Fund Third Quarter 2014 Commentary.
