Let us all bask for a moment in the ever present glow of Procter & Gamble, which must be one of the most incredible stocks of all time. In this frothy market of ours, this maker of laundry soaps and dishwashing liquid sports a P/E of about 25, which back in the day was the sort of level reserved for high-tech companies. Anyway, the great crashes of the past few decades are hardly blips in the ascent of this monster.

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