Paul Harris, CFA Wolseley PLC WOS-LSE TOP PICK Feb 21, 2008

(London Stock Exchange)Wholesaler/supplier of plumbing supplies and equipment. Will ebb and flow depending on the economy and building growth. Nice long-term hold with an attractive dividend.

(London Stock Exchange)6% yield. Stock has fallen a lot because of the housing industry but they have been very astute. They held back on purchases when they saw the market collapsing and now they are back in buying smaller companies at very good prices.

(London Stock Exchange)Huge company with over $30 billion of revenues. Big in North America and the United Kingdom. Lovely balance sheet. One caveat, Have decided to de-list from the NYSE and will be OTC, which is like a wild west show. Far harder to trade OTC.

(London Stock Exchange)Global supplier of bathroom fixtures, heating, building materials, etc. Market has totally discounted the worst-case scenario. Revenues were down 10% in the US but up 17% in Europe. Very aggressive cost cutting in the US. Yield of about 4% should be safe. Generates a reasonable amount of cash flow. Trades at about 10X earnings.