Lebenthal said that Caterpillar had deftly managed the recession.
"They unilaterally cut the book that their dealers had on order so that they would protect the brand, so that they wouldn't do what the automakers did, which is flood the dealers' lots with inventory," he said. "And then they'd have to cut prices and hurt the brand."
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Plus, the company's shares had a 2.8 percent dividend yield, paying out about 30 percent of the company's earnings and it had 10 percent cash flow.