3M (MMM) is
one of my longest-held positions and one of the most confounding. I love
the company's strong brands and excellent tradition of innovative
R&D, but I have often found the company's M&A priorities to be
both exasperating and confusing. And while the company has a remarkable
record of steady performance, it seems to always be a relatively unloved
name for Wall Street analysts. Nevertheless, with the company's sizable
exposure to early-cycle markets and China in particular, I believe this
company should be a leader if global growth resumes and a steady
survivor if the malaise continues.
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3M Can Lead The Way From Here
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