I'm watching it intently. I posted about buying into consumer staples/noncyclicals in Falling Knives - I'd already owned a smaller and quite underwater CAG position and I'd initially considered increasing the position in my too hard or too messy pile. But I liked CAG's story the more the more I looked into it. I took a relatively large position (by my standards, at least) and some short term OTM call options. CAG has hard to reproduce physical infrastructure near producers and transportation infrastructure that they own. The quarter wasn't as bad as I'd feared and they the dividend cut was less than I expected.

It has been drifting up off the bottom and I personally didn't see anything in the quarter that would change this. They said the right things - now it is just a matter of executing on focusing the company and improving margins.