Masco Corporation (MAS)

Masco sells paint and plumbing fittings for renovation — what people buy when they are not building new.

The portfolio is deliberately weighted to repair rather than new construction: a tap is replaced when it leaks and walls are painted when the colour palls, and neither purchase depends much on whether houses are being built. That makes revenue steadier than a builders' supplier's.

The brands are known to shoppers and hold shelf space in the large home improvement chains — access to that shelf is the main asset, because the decision is made in the aisle in a minute. Risks: sales concentrated in a few retail chains, paint raw material prices and homeowners' mood when mortgages are expensive. A dividend is paid and buybacks are active.