Linde PLC (LIN)
The first new position is in Linde, the world’s largest industrial gas production company, whether counting by revenues or market share. Linde produces a range of gasses for industrial use, and is the dominant supplier of argon, nitrogen, oxygen, and hydrogen, along with niche gasses like carbon dioxide for the soft drink industry. The company also produces gas storage and transfer equipment, welding equipment, and refrigerants. In short, Linde embodies Dalio’s ‘diversify’ dictum.
Linde’s industry leadership and essential products helped the company bounce back from the corona crisis. The company’s revenues slipped in 1H20, but grew in the second half, reaching pre-corona levels in Q3 and exceeding those levels in Q4.
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