Procter & Gamble's steadily rising dividend shows why boring pays through downturns. It raised its dividend for the 70th straight year in April; the annual payment rose 5.7 times from $0.76 per share in 2001 to $4.36 today, about 7.2% a year through the dot-com crash, 2008, Covid and 2022. It returned $3.9 billion to shareholders in one quarter, while semiconductors are 27% below their high. x.com 

PepsiCo's forecast for another year of just 3% growth leaves it nowhere close to cheap. It trades at 16 times 2027 earnings. x.com 

Procter & Gamble is highly likely to keep lagging the S&P 500 over the next 10 to 20 years, as it has this century. Store brands like Costco's Kirkland and Amazon's are no longer seen as inferior, which has changed its story, and few of its brands are must-haves besides Gillette. Elevated petroleum-based input costs for plastics and energy cast doubt on its safety-stock status. At $139, EV/EBIT is about 16 and forward P/E just under 20, so it suits only those wanting a bond proxy. x.com 

PepsiCo is cheap against its cash earnings, trading at 12x, or 11x next year's, while beverage companies usually get 17x. That puts fair value at $189.68 to $241.41, 17x next year's cash earnings give or take 12%, leaving $128.50 about 32% under the low end. This is a valuation-levels read off reported earnings and revenue estimates, not fundamental work. x.com