In short: #15. Founded 1902, IPO 1970. "3M makes thousands of specialized industrial and consumer materials and adhesives… Its products are built into thousands of supply chains. Years of innovation and research make 3M difficult to replace." Total return over 2,600% since 1990. The company began as Minnesota Mining and Manufacturing, formed to mine corundum, and "quickly pivoted" — the list's clearest example of survival through complete reinvention. The litigation history that has dominated the last few years is not mentioned.
3M makes thousands of small specialised materials — adhesives, tapes, abrasives, films — that end up as components inside other companies' products and processes. Any one of them is a trivial purchase; collectively they are embedded in thousands of manufacturing lines around the world, and changing a qualified material is a slow, expensive nuisance.
The company's own history is the best argument for the Lindy filter: it was founded in 1902 to mine an abrasive mineral, discovered the deposit was not commercially useful, and reinvented itself as an inventor of industrial products. Surviving 120 years required abandoning the original business entirely. Total return above 2,600% since 1990. The post does not mention the large legal settlements of recent years, which is a material omission for anyone considering the shares now.
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