Not a bubble. From 2003 to 2007 CL traded average PE of 22.5 with a high of 27.5X. From 2008 - 2012 average PE of 18X. We are in a great secular bear market caused by high commodity prices since around 1999. In the 1990's the heart of the last great secular bull market (when commodity prices were low) CL traded at times in the low 40'sX earnings. We will have another bull market once commodity prices come down further. These defensive stocks in food, pharma & personal carer explode to the upside in bull markets due to low commodities. My wife worked for Colgate back around 1970 and decided to be a stay at home mom. We have continuously owned at least some CL for 40 + years. It helped put 3 children through expensive private schools. In 1980 adjusted for splits CL was less than $1/share and in December 1999 was around $65/share. Since 1999 CL has not even doubled, so you can see the real difference between bull and bear markets.
The only part of your post I question is "Since 1999 CL has not even doubled,"
Relatively speaking, I'm a newer long; I bought @ 55.26 3/04 & @ 48.40 9/04. Just considering price appreciation (and not total return!!!), CL has doubled and more so, since I became a shareholder.