PG traditionally does well during "war times", as people tend to stay home more often. This was witnessed during Gulf War I, Trade Center bombings, and again during the recent Iraq invasion. Some WS folks believe this is an 85.00 stock - goes over/under that at times, but usually settles back in that neighborhood. Consistantly issues dividends.
Current chairman has added beauty-care product companies to PG's portfolio, witness recent acquisitions of WELLA and CLAIROL. Partnering with pharma companies is also in that portfolio. Largest customers: box stores and Fed gov't.
PG is spinning off cost centers who do not generate a profit, recent example: IT going to HP. HR is rumored to be on this list. Their employee help center is located in Costa Rica, which is both a (+) and (-), depending who you talk to.