For quality industrial stocks like Lincoln Electric (LECO), often the only times an investor can establish a position at attractive prices is during ugly downturns in the business. The COVID-19 outbreak is providing that in spades, as the business downturn in the U.S. pushed Lincoln's April business down 40%, leading the company to accelerate some cost savings programs and look to conserve cash and liquidity.
I'm not really worried about the downturn that's underway; this downturn is different, but Lincoln Electric has navigated many of these cycles. I'm also not too concerned about