The Successful Investor, in the December, 2016, issue, says hold Saputo Inc., recently $48. The Investor said buy 11 times from April, 2003, to January, 2011, at prices ranging from $20 to $49 (the stock split 2 for 1 in December, 2007, and again in September, 2014). Assuming a $1,000 investment for each of the 11 buys, the $11,000 position is now worth a pleasing $55,008. Saputo is Canada's largest producer of dairy products. It also operates dairies in the United States, Australia and Argentina. In its fiscal second quarter of 2017, ended Sept. 30, 2016, Saputo earned $191.8-million or 48 cents a share, up sharply from $149.7-million or 38 cents a share a year earlier. The increase was thanks to higher sales in the U.S. and Canada. Company-wide sales rose to $2.85-billion from $2.79-billion. Saputo now trades at 25.4 times its likely fiscal 2017 earnings of $1.89 a share, a high price/earnings ratio for a company in the tightly regulated dairy industry, cautions the Investor. The company's 60-cent dividend yields 1.3 per cent. Hold.