Loblaw is a boring, recession-resistant compounder whose grocery and pharmacy businesses generate steady cash. The stock is up over 110% in three years and split 4-for-1 in 2025. x.com 

Ingles Markets is not just a grocer but part retailer, part manufacturer and part real estate company. That combination protects margins in thin-margin grocery, reduces reliance on suppliers and landlords, and creates long-term asset value. x.com 

Consumer staples are a lose-lose here because they are already overvalued at 26x forward earnings versus a 22.7x five-year average, the highest since just before the tech bubble burst. With stocks this richly valued, there is little left to rotate into if the economy weakens next year, and the healthcare rotation is well under way. If the economy holds, high rates hurt staples; if it weakens, they are too expensive to hold up even with rate cuts, except perhaps Campbell's. x.com  x.com 

Dino Polska is a boring Polish supermarket chain quietly compounding capital, now trading at what may be its most attractive valuation in years. It is founder-led, vertically integrated and expanding into underserved towns. That combination raises the question of whether this defensive retailer can deliver 20%+ annual returns. x.com