4. 3M公司

????如果要說(shuō)羅伯?麥凱佛挑剔,，這個(gè)詞都有點(diǎn)顯得輕描淡寫。他只投資過(guò)去至少10年中年均凈資產(chǎn)收益率至少為15%的公司,。他正是使用這樣的選股方法為簡(jiǎn)森優(yōu)質(zhì)成長(zhǎng)型基金（Jensen Quality Growth Fund）在過(guò)去十年內(nèi)實(shí)現(xiàn)了6.9%的年均回報(bào)率,。3M公司（3M，財(cái)富500強(qiáng)企業(yè)）正是符合他選股標(biāo)準(zhǔn)的公司之一,。3M公司生產(chǎn)約5.5萬(wàn)種產(chǎn)品,，銷往全球200個(gè)國(guó)家，產(chǎn)品從面向消費(fèi)者需求的百事貼和思高透明膠紙到航天工業(yè)用的特種薄膜和涂層材料,，不一而足,。麥凱佛說(shuō)，豐富的產(chǎn)品線再加上一貫的企業(yè)創(chuàng)新文化賦予了3M公司強(qiáng)大的定價(jià)能力,。公司約有6%的收入用在研發(fā)上,。麥凱佛指出，新興市場(chǎng)正在帶動(dòng)3M公司的收益增長(zhǎng),，它銷售額的65%來(lái)自美國(guó)境外,。3M公司96年里做到年年派息，且在過(guò)去55年逐年提高了股息率,，經(jīng)濟(jì)危機(jī),、衰退乃至蕭條時(shí)期也不例外。目前股息率為2.3%,。

——?jiǎng)P蒂?貝納

4. 3M

????To say Rob McIver is choosy would be an understatement. He invests only in companies that have had a minimum 15% return on equity every year for at least 10 years, an approach that has helped his Jensen Quality Growth Fund (JENSX)average 6.9% returns over the past decade. One model of consistency: 3M (MMM, Fortune 500). The company makes some 55,000 products, sold in 200 countries, everything from Post-it notes and Scotch tape for consumers to specialty films and coatings for the aerospace industry. Such products and 3M's culture of constant innovation have given it major pricing power, says McIver. About 6% of the company's revenue is spent on R&D. McIver notes that emerging markets are helping drive earnings growth, with 65% of sales coming from outside the U.S. How's this for constancy: 3M has paid an annual dividend for 96 straight years and has raised it every year for the past 55, through crises, recessions, and depressions. The current yield: 2.3%.

--K.B.