Linde plc
Thesis
Linde was re-acquired by Tweedy, Browne after the market downturn, reflecting confidence in its long-term value and recovery potential in the industrial gas sector.
Did it work?
worked
confidence: high
The long thesis on Linde played out decisively: over roughly 18 years (214 months) the stock returned +689.7%, far exceeding any reasonable long-term recovery expectation and implying ~12% annualized appreciation. The thesis's core claim — that Linde's long-term value and recovery potential in industrial gases would be realized after the downturn — was confirmed by sustained, substantial price appreciation well beyond the stated horizon.