"As a child, I am sure you tossed a coin and called out "Heads I win, tails you lose!" – seemed witty at the time. At today's share price we believe Graphic Packaging Holding Company (NYSE:GPK) presents almost as good an investment opportunity – more like "Heads we win, tails we don't lose!" We outlined the investment case for Graphic Packaging International in our June 2021 Quarterly Report and the substance of our views then remain current today. Right now the market is concerned about weakness in demand for paperboard packaging and medium-term increases in supply of paperboard. Both concerns are valid, but in our view are overly reflected in Graphic Packaging International's share price. Graphic Packaging International supplies the boxes used by food, beverages, household and personal care companies. Normally demand growth is modest but relatively stable, supported by a continuous environmentally driven shift away from plastic packaging, but it is not macro immune.