Heineken N.V. update January 2, 2017

Heineken is updated and rated (lower) Buy at 71.26 euros on the Amsterdam exchange. It can be bought more conveniently as two shares of the America Depository Receipt HEINY at U.S. $37.41 per share. I had added Heineken to our list last July 28. The original report noted that it was probably at least fully valued but I rated it (lower) Buy due to its strength as a major world brand. I indicated that a reasonable approach might be to take a small position and then add to it on dips. I took a very small position it it myself. Since then it has declined 15% in Euros and 20% in U.S. dollars. The company continues to do well and I view the decline as a modest buying opportunity. While it is not a compelling buy it offers diversification. I intend to add to my current small position and probably to place an order to add further shares on a dip.

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