I think it's the most boring business I've ever researched. But that's what you want if you're looking for a stock to hold no matter the economic climate.

It pays dividends like clockwork. In fact, they've increased since the Nixon administration and even experienced increases during the Great Recession.

And this stock definitely passes the 'Pink Slip' test.

Allow me to explain.

What is a 'Pink Slip' Test?

The 'Pink Slip' test is simple, and you can apply it to every stock you own.

A stock passes the test when even a person laid off yesterday (hence the pink slip) would still buy that company's products.

If a business makes products that are necessary to everyday life, it's all but guaranteed to see year after year of steady demand -- and hold up better than most others in a downturn.

That's a perfect combination for investors worried about the market's direction.

'Pink Slip Approved' Stocks

Off the top of my head, I can think of only a handful of stocks that would pass. It's no coincidence these stocks are some of the most stable securities on the market. Or that they are owned by some of the richest investors in the world.

Coca-Cola (NYSE: KO) is a great example of a stock that passes the 'Pink Slip' test. No surprise, it's owned by Warren Buffett and has returned 81% in the past decade.

Duke Energy (NYSE: DUK) is another. The electric company has paid a dividend for 84 consecutive years and has traded in a stable $4 range for the past year.

Is This High-Yield Stock Worthy?

Now back to the pink slip-approved, high-yield stock I want to tell you about again today.

I first told readers about this company back in March, in my article The One Dividend Payer I Want to Hold in any Market.

Back then, I called it 'the most boring business I've ever researched.' That's exactly what you want if you're worried about the market, or simply want to sleep soundly at night.

Here's what 'boring' gets you with this stock: 39 straight years of dividend increases; dividend growth of 150% in the past 10 years; and a total return of 57% in the past 10 years -- twice the S&P 500 Index. All with volatility that's half that of the S&P 500.

The company I'm talking about is Kimberly-Clark (NYSE: KMB). And since I first told you about it back in March, the stock has continued to outpace the market. Just a few days ago, it hit a new 52-week high.

That shouldn't be a surprise. After all, Kimberly-Clark is one of the few companies on the planet that can pass the 'Pink Slip' test.

Kimberly-Clark makes toilet paper. It makes Kleenex. It makes diapers. Like I said... it's a boring company. But I'm hard pressed to think of any lineup of products better suited to pass the 'Pink Slip' test.

And this steady demand, no matter the broader economy, is consistently turned into dividend increases for investors.

From the end of 2007 through the first quarter of 2010 -- the teeth of the recession -- Kimberly-Clark raised dividends 25%. In fact, every share bought just five years ago has paid out $11.65 since, providing a nearly 20% gain on dividends alone.

The Investing Answer: Fair warning, you aren't going to become an overnight millionaire with these types of stocks. You won't even be able to brag at cocktail parties.

But I think that's a fair trade for owning steady-eddy companies, especially those with a strong track record of consistent and growing dividends.

Photo courtesy of Flickr: striatic.