Welding specialist Lincoln Electric (LECO) has been a great investment for the long term, even with an ugly 2008/2009, as the company has reliably produced solid growth, margins, and returns on capital despite serving a cyclical, economically-sensitive end market. Management is far from content to rest on its laurels, and is already targeting growth opportunities in emerging markets and applications like automation.
Lincoln Electric has a habit of offering double-digit pullbacks, and these have generally been good opportunities to buy the stock. While I'm not a market timer, these shares don't leap out as cheap right now, and major welding rivals like Colfax (CFX) and Illinois Tool Works (ITW) are both...
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