supposed to be the quarter that Kraft Heinz showed America’s huge, struggling food companies a new model for success. A merger in 2015 had joined two of the world’s most iconic food makers. Backed byCapital, a private-equity firm, the new group slashed costs at a pace that made rivals shudder and investors swoon. After a failed bid in 2017 for Unilever, an Anglo-Dutch giant, Kraft Heinz set out to prove it could not just cut fat but boost sales on its own.
Meanwhile, the rise of e-commerce and European discount grocers has put pressure on food retailers, which are in turn squeezing food companies. Stores led by Walmart are using extensive data to launch their own, increasingly sophisticated, low-cost private label goods, all the while pushing companies to lower their prices.
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Mr Buffett, for once, did not do his homework. When it comes to food these days, it's not who manages it, but what exactly is being managed. Modern food is not your father's Oldsmobile.
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