3M (MMM) Earnings Makes This Best of Breed Stock a Bargain

I have been a fan of 3M (MMM) ever since I was forced to read the book Built to Last and then hear a lecture by the author, Jim Collins for some Morgan Stanley Managing Director conference.  I liked the way the company that invented the post-it rewarded its engineers and inventors for declaring their own projects failures quickly.
 
Today I bought more 3M (MMM) and take myself to a fully invested position. Sure, it might go down more at year end as we get some tax loss selling but I have to go to full position on such a good company at just 14 times next years' earnings and 12 times 2008 earnings.  The stock was sold of recently as the company lowered guidance because of weaker than expected LCD sales.  But people are still switching over to LCD TVs and getting rid of those tubes. This still bodes well for 3M (see today's New York Times article: "Picture Tubes Are Fading Into the Past" by Eric Taub)

Disclosure:
I own a full long term position in MMM.  I may buy more at year end if the tax loss selling I suspect shows up but that would be a short term trade.  I would sell 3M if the forward p/e went back above 22.

Disclaimer:
Nothing in this blog is meant to be specific financial advice or a recommendation to buy or sell.  I do not give investment advice.  Do your own research.  Do not rely on anything in this weblog to make investment decisions.  I do not log all my trades here. I only describe or mention those that I think might be interesting. Consult an investment professional familiar with your specific financial situation before buying or selling any security.