Being of a rather bearish disposition, and remaining so until there is solid confirmation that the overall global market trend has returned to bullish, I have been on the lookout for defensive stocks in which to invest, to protect capital in the case of adverse market conditions over the next year or so.Once such stock is Distell. Perhaps it does not offer the deepest value available on the market today, though it is positioned in a defensive sector that should be able to weather the worst of a global bear market storm. And as far as the company goes, it’s not half bad.Starting with its defensive nature, Distell is a manufacturer and distributor of alcoholic beverages. It owns a number of popular brands in SA — Hunter’s, Savanna, Klipdrift, Richelieu, JC le Roux, Durbanville Hills, Bain’s and Amarula among them. There are more, many more in fact, and a fair few of them have won awards for their quality. The fact is that Distell has some established brands that enjoy good market shar...

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