Stephen Simpson, CFA
Long only, growth at reasonable price, value, research analyst

Lincoln Electric: A Lion In A Very Harsh Winter

There are some questions investors learn not to ask, and "how much worse can it get?" is most definitely at or near the top of the list. Operating conditions for Lincoln Electric (NASDAQ:LECO), the leading producer of welding equipment and consumables in North America, were already looking rough in the middle of 2015, but conditions have gotten even worse on a deeper plunge in overall manufacturing activity.

Many industrial companies, particularly in the machinery space, have gotten the snot knocked out of them since the summer of 2015 and I think there are some long-term values in the sector. Lincoln Electric looks like one of them, but I can't state with any real confidence that my estimates are

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