Thomas GalvinAlcon IncALCTOP PICKSep 17, 2004

European-based, but US operating platform. Contact lenses + surgical supplies (corrective procedures), each with 50% of revenues. Demographics is supportive even of eye health, and increased screen time also feeds into that. Reasonable valuation at 17x PE, 4-5% FCF yield. 

Attractive, defensive business in this environment. Yield is 0.57%. 

Medical devices are the one area he's been willing to be in. He likes ABT as a diversified medical device player. Another go-to name is ALC, which focuses on eye health.