On February 27th, Alden Stone,pitched Constellation Brands, Inc. (NYSE:STZ). Constellation is the largest producer of wine in the world and has exclusive rights to sell Modelo’s Mexican beer portfolio in the U.S. Alden’s investment thesis was based on an industry leading premium product mix, increasing company margins, diversification within the alcohol beverage industry, the company’s first mover advantage, and the company’s history of returning value to shareholders. In the U.S. market, consumers are buying less volumes of alcohol, but spending more dollars, illustrating how consumer preferences are changing to higher-end wines, beers, and spirits. The company is able to capitalize on this trend as it focuses on producing and marketing premium wines, spirits, and high-end beers, with a majority of revenues coming from the U.S. Alden proposed a purchase of 45 shares of Constellation. This transaction was financed through the sale of 180 shares of the Consumer Staples Select Sector SPDR (XLP). The proposal passed unanimously.