There is a stock I looked at a few years ago that has always stuck in my mind, and that is London based Premier Foods ($PFD.L). To me it is the perfect simple example of how even a great business can be destroyed by leverage. Before the crisis it was a company that had so much going for it, a producer of many reputable food brands in the UK with a moat worthy of giants like Pepsi. But in 2006 the management and board made a catastrophic decision. They engaged in the leveraged buyout of two competitors, which resulted in Premier becoming the largest food supplier in the UK. This was supposed to be a transformational point in the history of the company, and it certainly was….for all the wrong reasons. Premier is a story of what happens when a company has everything going for it, but is sunk by too much leverage and bad management.