10. McDonald's

Liability Adjusted Cash Flow Yield: 3.2%

Dividend Yield: 3%

LACFY/10-Year Treasury Yield: 1.55

Return on Invested Capital: 15%

It's hard to imagine that McDonald's ( MCD) traded for less than $13 per share as recently as 2003. As this stock approaches the $100 mark, investors are left to wonder if McDonald's is one of Benjamin Graham's "goodwill giants" (a stock so ingrained in American culture, that it can march upward indefinitely) -- or, if changing consumer tastes (for instance, a move toward healthier eating) will one day derail the world's leading burger magnate.

In June 2010, I called McDonald's an " indefinite hold" -- not much has changed since then. This stock is not particularly cheap, but continues to deliver impressive returns on invested capital; all the more admirable for an industry susceptible to commodity inflation and breathable margins.

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