I have seen a number of articles criticizing Warren Buffett's Heinz (HNZ) deal. The thrust of most criticisms seems to be that 'its a Buffett stock, but not at a Buffett price'.
This is missing the point. In a background of extreme monetary expansion, there is a material risk of persistent 5%+ inflation. Branded goods companies have a tremendous ability to pass on inflation, therefore 4.75% earnings yield (21x PE) is a real yield, not nominal. Add in the fact that there is a degree of conventional debt being used, which will be eroded by inflation and, in 10 years time, this deal may well look like a very good investment indeed.
Betting against Buffett has been a terrible idea for a long time and in my opinion it remains a terrible idea today.
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.