Skousen explains, "Ford shocked Wall Street and Washington two months ago in reporting its first positive cash-flow quarter in more than two years. Of course, it played some accounting games to do it, but the overall direction is up.

"Ford made its first billion by successfully increasing domestic sales for the first time in nearly five years, and boosting market share against its chief rivals, Government Motors (GM) and Crying Chrysler.

"Meanwhile, the #2 auto maker predicted it would turn solidly profitable by 2011 as a result of its cost cutting measures and renegotiations with the unions.

"Ford is the only major U.S. automaker not begging for a government bailout last year. This isn't the first time Ford has broken away from the government trough. In the early 1980s, Ford executives opposed the call for import quotas on Japanese cars and took on their competitors by raising quality standards.

"I've been a long-time buyer of Ford cars, including two Mustangs, an Explorer truck, and a Lincoln Town Car. I have enjoyed relatively maintenance free service for years.

"Maybe my experience is exceptional, but most car rating services, such as Consumer Reports, rank Ford ahead of its domestic competitors. The company is innovative. The hot-selling Ford Taurus just won Kelly Blue Book's '2010 Best Redesigned Vehicle.'

"Its engineers have developed the first robot (named RUTH) to scientifically test the feel and appearance of switches and surfaces in their automobiles. And Ford's Quick Lane Tire and Auto Centers are expanding rapidly across the country.

"Ford isn't out of the woods yet. It still carries an incredible (gulp) $103 billion in debt (it blundered by borrowing billions to buy back its stock at much higher prices) and has been forced to restructure its debt again. Unions are refusing to cut back any further their generous medical and pension benefits.

"CEO Alan R. Mulally, a turnaround executive from Boeing, deserves high marks for Ford's latest success. If anyone can make an elephant dance, he can.

"The stock price has already tripled in price in 2009, but it is still way below its previous high of $40 a share in the late 1990s, so it has lots of room to grow. It's selling at 20 times next year's earnings, and has over $32 billion in cash.

"We're adding Ford Motor Co. to our growth stock portfolio, with the caveats that the stock does not pay a dividend and is considered high risk. As such, it may not be for everybody."

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