Colgate is my consumption stock, held for bad days, a crises must be very sever before you stop brushing your tooth. However, the share price of CL is too sensitive to 3rd world currencies, as if the street overestimates CL's currency exposure. The company is well managed and it's ERP implementation is exemplary.

Cisco is held because it owns the routing on the Internet. It was never seen with PE of less then 90, but that is the price of growth.  When trying to think of  Cisco in 2005 one has to think more of voice over IP then of browsing.

Dell is here as a retail business, not a computer company, a computer deli "salt & pepper please?".

FNM is held because home ownership is the American dream and no one but FNM can profit from this better. Yet again, the market over estimates FNM's exposure to interest rates. Consequently the share price is cyclical, while the companies profit is not.

Intel is here because I heard that computers will be a big thing one day, should I buy one?

JDSU is the company that will solve the bandwidth problem, growing 50% PA in the process. This young company is the only company in that portfolio that is in the red.

UPS is best positioned to profit from the physical portion of e-commerce. 

Nokia is here because every one seems to like its phones, and VOD is a Mannesmann residual. 

WEA is a real-estate play, it held because of its management, stable price (Beta is ~ 0) and high dividend yield, 10% the last time I checked.

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