Everything goes in cycles, based on a multitude of factors from fundamentals to economics, etc. History does repeat itself and if you go back into P&G's hisitory, you will see the Company had flat/decline periods and rebounded to new highs. If you're an investor, then hang in there and you'll be rewarded. If you're a [trader], then I'd recommend you pick another place to play. P&G is a long-term play with a solid dividend. As an example: if you compare P&G with the Dow and S&P 500 from June 2007 through June 2012 (P&G's fiscal years), P&G outperformed both the indexes. P&G returned 14.80% (most from dividends). The Dow (with Dividends) delivered 4.65% and the S&P lost -1.13%. Trying to time the market is a fool's game. The patient investor most always wins.
Cartorman - generally agree but think about trading and investing a bit differently. Generally, I am a long-term investor in PG and other stocks. But I do sell covered calls or sell some stock from time to time when I think it is perhaps too high and buy more in some times of weakness, P&G is an excellent stock to do this with since it generally has a long-term up track but trades back and forth within ranges from time to time. Recently, I have been buying in the 59-low 60's and selling some calls with the stock at 70 and this has worked very well. But, I am always mostly long in this stock and it has done very well for me.
Perhaps I play "the fool's game" a bit as you say, but I have a long-term track record of increasing returns in this stock with that strategy - so I have been a happy fool!