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Can Tiffany Ring Up Growth?
By Stephen D. Simpson, CFA
May 13, 2005

One of the more important lessons of investing is that there's no single "magic bullet." A successful investment is rather more like a bread recipe -- the ingredients are often basic, but if you leave one out you'll be in trouble.

What's my point? Well, we've talked in the past about the power of brands and how a company with a strong brand (like, say, Coca-Cola or McDonald's) can make for a good investment. What's important to remember, though, is that a brand doesn't produce cash flow in and of itself, and a great brand doesn't replace the need for growth and positive momentum in a business.

To that end, Tiffany (NYSE: TIF) is an interesting case in point...
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