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Hillshire Brands (HSH) has been a good performer since I wrote my last narrative, with shares up about 16% relative to the SPY which increased 4.5% over the same time frame. While I am happy with the stock price performance on a relative basis, the real source of "alpha" that comes from investing in a name like Hillshire Brands is that I believe investors take on less risk relative to the broader equity markets. This is for two reasons: (1) the consumer staples business is less subject to the gales of competitive destruction than say, technology firms and (2) Hillshire is led by qualified management with extensive experience in the consumer staples sector.

Therefore, I don't...

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