Peter Lynch said that investors should buy what they know. I've never been a dessert guy, but I still know a thing or two about Hershey's (HSY) chocolate bars. What's even better than buying shares of a company that you feel like you understand well, is buying shares of such a company at a discount. Originally, in December of 2015, I bought shares of HSY for $85.61. In early 2015 HSY shares traded for ~$105/share and although they were still trading for ~20x ttm earning at the $85 price that I locked in, I thought I was getting fair value buying the dip. It's rare that you find companies like HSY trading down 20% from highs. Well, flash forward 27 months to February of 2018, and I sold those shares for $100.03 as a portfolio wide rotation out of slow growth names with high valuations. HSY was still trading at 20x earnings, but in a rising rate environment I decided there would be better opportunities for me to put my cash to use. Flash forward one more time to Friday, and I repurchased the shares that I sold (and a few more) at $90.02, or an 18x ttm multiple, which is a valuation level that HSY shares hadn't seen since early 2011.

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