Baloncici My original thesis on buying The Estée Lauder Companies (NYSE:EL) was a variant of the dogs of the Dow theory, though they are not one of the 30 stocks in the Dow Jones index. In 2023, Estée Lauder lost 40% of its market value, coming off a poor 2022. That price movement alone is obviously not a reason to buy or sell a company, but it was a filter to assess whether a company's stock might be selling at a discount. I like buying companies that have durable competitive advantages that are discounted ...