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Jensen: The Downside of Discipline


By Eric Wahlgren

NO MERCY. Another factor Jensen looks at is a company's ability to handle its debt load -- not simply the amount of debt it has. Zagunis cites Stryker (SYK ), a Kalamazoo (Mich.) orthopedic-implant maker and the fund's largest holding at 5.7%. In 1998, Stryker bought its competitor, Howmedica, jacking up its debt load to $1.4 billion. But the move dramatically increased Stryker's market share, and it has since pared its debt down to below $500 million.


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