A leader in consumer goods, Procter & Gamble offers products for household care, beauty and grooming, and health and well-being.
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You can't have stocks that are universally accepted to outperform. Yes, it's a good company, but its just too well-liked right now. Once everyone knows a good, safe place to invest their money during a market downturn, you are going to be paying a huge premium for this perceived safety. It's a good buy if it sells off, but it should underperform at the current level.
P&G is having a hard time maintaining their margins as the costs of raw materials and shipping, etc. continue to go up for them. They also have premium brand names that cost more than cut-rate and in-house brands like Costco's Kirkland. This means in a recession, people will buy the cheaper brands, which makes P&G vulnerable, at a time when their stock price is rising because of perceived safety. The WSJ recently ran an article saying the stock is vulnerable. It is not a recession or depression stock any more.