In short: #12. Founded 1883, IPO 1983 — and the only entry given a CAGR rather than just a total. "PPG makes specialized industrial paints and coatings. Aerospace and automotive manufacturers use these products to protect their equipment… Customers rarely switch because failure is expensive." Compounded at 9.7% per year since 1990, a total return above 2,800%. The switching-cost logic is identical to the Diploma argument two days earlier: a small, specified input whose failure is expensive.
PPG makes industrial paints and coatings — the finish on an aircraft fuselage, the protective layer on a car body, the coating on a factory floor. These are not decorative products; they are engineered to a specification, and they are what stops expensive metal from corroding.
That gives it the same quiet pricing power described two days earlier for Diploma: the coating is a small part of what the customer spends, but a coating failure on an aeroplane is catastrophic, so nobody switches to save money. It is the only name in this half given a compound rate rather than just a total — 9.7% a year since 1990, or more than 2,800% in all. Steady rather than spectacular, which is the point.
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