Subject: Re: Nestlé...
the investment case rests on the assumption that the rut is transient.
...... it's cheap mainly only in comparison to its own past when the business was doing better.

I fully agree. There are good reasons why itīs cheap (measured on itīs own past). But thatīs the whole point of a "falling knife", isnīt it? That you catch it only when you think a great company has temporary problems they get to grips (as it once was the case e.g. with Coke if I remember correctly). I have enough trust in Nestlé do believe they do and will continue to be a great company.