Chicken processor Tyson Foods ( TSN) and its peers have had a hard time with environmentalists, food activists and investors. "Meat companies overall are out of favor," Knudsen says. "They're trading at close to book." For investors, he says, the worry has been that chicken processors like Tyson would struggle to pass along higher grain prices to their customers. Knudsen believes it's only a matter of time. "The question is, will it be three months or nine," he says. Passport Capital owned about 413,000 class A common shares of Tyson as of March 31. Despite widespread complaints of oversupply in the U.S. chicken market, Knudsen argues that a record shortage of protein overall has developed, saying that there's less meat available per person than at any point in 50 years.