3M Company
Thesis
3M is a high-quality industrial company that Tweedy, Browne had not been able to buy for 20 years, indicating a strong belief in its long-term value and growth potential. They purchased shares during a market downturn, suggesting confidence in its recovery and performance.
Did it work?
The long thesis on 3M played out: over the ~18 years since the pitch (214 months, far exceeding any reasonable long-term horizon), the stock returned +281.3%, roughly a 7.8% annualized price gain before dividends, which would push total return meaningfully higher given 3M's dividend history. This validates Tweedy, Browne's contrarian purchase during a market downturn and their belief in the company's long-term value. The positive return direction matches the long thesis, and the full horizon has elapsed.