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In his testimony to the US Senate, the country’ newest supreme court judge, Brett Kavanaugh, said, “I drank beer with my friends. Almost everyone did. Sometimes I had too many beers. Sometimes others did. I liked beer. I still like beer.” The subject of beer came up repeatedly. Kavanaugh challenged senators, asking them whether they loved beer too. The interaction was an odd moment in a highly charged environment, but it says a lot about the character — and the changing character — of beer in the US. And that, all of a sudden, is an issue for SA shareholders. Almost two years ago now, SA shareholders of SABMiller voted to sell the company to the global giant AB InBev. After the dust has settled it is becoming clearer that from the perspective of those shareholders, the takeover was a not a great result (if you took the shares). And that is very surprising, at least to me. It’s surprising because the takeover resulted in one of the most asymmetric major industries on the planet. AB I...

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