Ackman is delusional. Pg never again will ever deserve a PE of over 16x..less 20. They will earn 4.35 in 2014..$4.7 in 2015 and $5.13 in 2016 if everything goes as planned. Give them an aggressive 2x growith rate of 16x and you get an $82 stock based on 2016 earnings. At best it could be a $4 stock in 4 years. They should never deserve a 20x multiple again.