Hi! Two years after Warner Bros. Discovery boldly renamed its platform “Max,” the company is… going back to “HBO Max.” At its Upfronts last week, WBD made the reversal official — a rare sequel that might actually be better than the original.

Today we’re exploring:

The recent news about Kraft Heinz has me and a lot of other people wondering if we're seeing shades of desperation—or a genuinely savvy strategic pivot emerging from some turbulent waters.

The Company said it’s exploring a range of strategic options in an effort to unlock more value for investors. While no specific deals or directions were announced, CEO Carlos Abrams-Rivera confirmed that the process has been underway for several months.

Also, in a notable boardroom shift, two directors tied to Berkshire Hathaway will be stepping down, shrinking the board’s size.

Firstly, this announcement about evaluating "strategic transactions" seems rather elusive. When CEOs like Carlos Abrams-Rivera start talking about potential but unspecified moves, my skepticism alarm bells gently ring. It isn’t exactly comforting, especially coming right in line with the announcement that Berkshire Hathaway representatives left the board.

If there’s one investor whose confidence can single-handedly bolster a company's credibility, that investor is Warren Buffett. Losing these Berkshire-affiliated directors doesn't exactly scream "vote of confidence" now, does it?

To be fair, this move aligns with how Berkshire handles its typically passive, noncontrolling bets. Nonetheless, perception-wise, the optics aren't stellar—especially at a time when Kraft Heinz is already battling:

📉 Sales are down 6.4% year-over-year—ouch.

The broader issue, honestly, seems to be Kraft Heinz’s profoundly ingrained identity crisis.

This is the creator of classics—Lunchables, Capri Sun, mac-and-cheese, Oscar Mayer hot dogs—products so reliably household-friendly, they hardly seem vulnerable. Yet, they haven’t been resonating strongly with modern consumers lately.

Could it be:

Still, minor tweaks to Lunchables packaging and ingredients feel more like rearranging the furniture than fixing the foundation. The deeper strategic overhaul Kraft Heinz truly needs? It hasn’t emerged yet.

Let’s talk numbers...

Then there’s the projected 1.5%–3.5% annual organic sales decline—more red flags suggesting prolonged turbulence.

One barely-bright spot? Emerging markets saw a nearly 4% organic sales bump. Perhaps leaning more on international operations could provide renewed traction—but global volatility makes that no guarantee.

The revived mention of selling Oscar Mayer caught my eye. Divesting such iconic brands could:

✔️ Ease capital strain
✔️ Allow reinvestment in high-growth areas

But at what cost? Selling the pillars of your empire can compromise long-term strength. High reward—high risk.

A 2% after-hours bump is... well, something. But with shares still down more than 20% year-over-year, enthusiasm is clearly muted.

Kraft Heinz feels stuck in neutral—torn between cautiously tweaking the edges and boldly rethinking its core. Only truly transformative moves will reveal whether leadership is committed to restoring long-term shareholder value.

DISCLAIMER: None of this is financial advice. This newsletter should be used for discussion, education, and illustrative purposes only and should not be construed as professional financial advice, solicitation, or recommendation