Consumer >> Sector Roundtables >> June 10, 2002

Roundtable Forum: Outlook For Food Stocks

JOHN M. MCMILLIN is a Managing Director and Senior Food and Agriculture Analyst at Prudential Securities. He has been a top-ranked analyst by Institutional Investor for 16 consecutive years. A Chartered Financial Analyst, he has a BSBA degree from Bucknell University and an MBA degree from Babson College. He is a member of the NYSSA and a former President of the Consumer Analyst Group of New York. Mr. McMillin is married, has two sons, and in his leisure time likes to play platform tennis. Profile
DAVID NELSON is a Managing Director in the equities division of Credit Suisse First Boston with responsibility for food and agribusiness companies. His research approach emphasizes global trade, commodity market supply/demand analysis, policy trends and EVA valuation analysis. Mr. Nelson is a rated Institutional Investor All-American for food stock coverage and the co-coordinator of the number one rated CSFB Global Consumer team. Mr. Nelson has also been the top rated analyst for agribusiness coverage in a survey of institutional investors by Greenwich Associates for the past eight years. Immediately prior to joining Credit Suisse First Boston, Mr. Nelson was Deputy Director, Research and Senior Food and Agribusiness Analyst at NatWest Securities. Previously, he performed economic analysis and lobbying duties for the American Feed Industry Association in Washington, DC, and was Senior Livestock Analyst for the animal health group of SmithKline Beecham. Mr. Nelson has served as consultant to the U. S. Feed Grains Council on Russian agriculture, an Advisory Committee member to the U.S. Department of Commerce's Census of Agriculture, and to the Advisory Committee of the National Soybean Processors Association. Mr. Nelson holds a Bachelor of Science Degree from Northern Illinois University and an MBA from George Washington University. Mr. Nelson is married with two children. Profile
DAVID J. ADELMAN is a Managing Director and follows the US tobacco and packaged foods industries for Morgan Stanley. He joined the firm in 1990. He was ranked number two in tobacco in the 1999 and 2000 Institutional Investor All-America Research Team surveys. He earned a BA in Economics with honors and an MBA in Finance and Business Policy from the University of Chicago. He has testified before the Senate Commerce Committee and the Senate Judiciary Committee regarding national tobacco policy and the Department of Justice tobacco lawsuit. He is a member of the Consumer Analysts Group of New York and the New York Society of Security Analysts. Profile
TWST: John, what in your view has been most notable about the

performance of the food stocks over the past 12 months?

Mr. McMillin: The food stocks have delivered roughly 30% relative