A consumer product is generally the end result of a whole chain of activities. Some links in that chain make better investments than others. Richard Beddard explains.
When Daemonn Reeve became CEO of Treatt (LSE: TET) in 2012, he had a plan. The firm was an established trader of essential oils containing flavours and aromas extracted from orange and lemon peel. Treatt mainly used its expertise to buy low and sell high, profiting [...]