Wednesday, January 7, 2015

Seeking Alpha: 3M Is Good As Gold ... And Priced Like It

I have long used a barbell investing strategy, where risky investments (like biotech) are offset by more staid and predictable holdings like 3M (NYSE:MMM). Ideally high-quality mega-caps like 3M can be held for many, many years at a stretch, allowing good management teams to generate substantial returns from the businesses.

Almost all good things have to eventually come to an end, though, and I can't in good conscience tell anybody else that they should look to buy 3M today. Based upon the company's recent financial performance and mid-December Investor Day I still believe that this is a very high-quality, very well-run industrial, but it is difficult to see how these shares are attractively priced on their intrinsic merits.

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3M Is Good As Gold ... And Priced Like It

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