Stryker

"Stryker is in an industry that's nearly recession-proof. It's a company that leads the market for orthopedic implants. They also have medical surgical equipment that they sell to orthopedic surgeons, and they have a genetic bone growth protein that is quite attractive and should show promising growth going forward."

MBNA

"It's in a tough industry, a lot of concerns of course about credit quality. And one of the nice things about MBNA is that they focus on the high end of the credit market, very high net worth, high income people. And so they really avoid some of the problems that that industry has experienced. But unfortunately their market price has been tainted a bit by it. We anticipate they'll have nice growth going into this year."

Pfizer

"Pfizer, of course, is the world's largest drug company. They have the best patent protection to generic drugs. Some of the patents go out as far as 2013 and they have eight of the top 30 selling drugs, and two more are coming on stream with the addition of the Pharmacia acquisition. And, yes, its stock price is depressed relative to its true value."

Automatic Data Processing

"It's one of those somewhat bulletproof companies. It's a good time to buy ADP. They've had 41 straight years of double-digit earnings growth. And while they won't quite do that this year, with probably a single-digit earnings growth, they'll be back to it (stronger growth) sometime in the near future."

Colgate-Palmolive

"It's a wonderful company. The company's been around for a long time. They're one of the most consistent earning companies, as is the case with all of the companies in the Jensen portfolio. And we're anticipating that they will continue that growth in the low teens, well into the future. And Colgate's an example of a company that we've tracked for a long time, but it wasn't until this year that we could buy it because of the relationship between its price and what we estimate its full value to be."

USA Interactive

"The Internet continues to gain share and transactions. Barry Diller's people dominate the fastest growing, most profitable parts of it in ticketing, travel and matchmaking. The cash flow's growing 50 percent or more, (and) it's all free cash flow. It's just a wonderful situation. It looks very undervalued."

International Game Technology

"IGT benefits from the proliferation of gaming. We've had casinos open in New York. We think they're going to open in Pennsylvania. Next year they're going to open in Britain to a tremendous scale. All the cash flow is free. It's probably going to grow north of 20 percent for years and it looks very, very undervalued. It went up last year. It's up four times in the cycle. I think it's got at least another 30 or 40 percent in it."

Kohl's

"I think Kohl's is the Wal-Mart of the 2000's. It has lower costs, it uses those lower costs to give the consumer lower prices, and it relentlessly gains market share against its competitors. We think it can grow for years at 30 percent. It can finance that growth. It had a reasonably tough fourth quarter. It's down 30 percent from its high. The price is real attractive. That's really like IGT and USA, a stock for all seasons. It's just a wonderful, great business."

The Walt Disney Co.

"Disney can defend itself if this environment continues. But if the war in Iraq ends, or the worries about it do, Disney's cash flow is going to go up enormously. Tremendous leverage at ESPN, ABC, and of course the theme parks. And it's very, very cheap."

Carnival

"The company had tremendous headwinds last year, actually had higher cash flow with all the uncertainty. It's got tremendous unit growth, over 15 percent probably for the next three years. All of that growth is financed. It's going to do a merger that's both strategic, accretive, and it dramatically improves the company's market position. In normal market environments, that leads to an increasing multiple. So this is a stock that could go up a lot."

MGM Grand

"MGM Grand is the high end of the food chain in Las Vegas. Las Vegas has two things going for it that aren't really appreciated.

"The first is, it's gaining tremendous amount of market share in the convention business. And the second thing -- this is for all the ladies -- I think in July of this year the Rouse Co. is going to open the world's largest shopping mall in Las Vegas, even bigger than the Mall of America. And I think this is going to cause tremendous visitation to Las Vegas.

"Room rates are going to go up. MGM also I think is going to make some money out of the tremendous wealth being created in China with the Chinese economy doing what it's doing."