A.G. Lafley, chairman, president and chief executive officer of the Procter & Gamble Company, addressed shareholders at the company’s annual meeting in October. “Broad-based growth in fiscal 2004 reflected momentum that has been building since 2001,” Mr. Lafley said. “We’ve grown cumulative sales more than 30% over the past three years—the equivalent of adding a Nike or Sun Microsystems to our top line. P&G businesses have generated more than $20 billion in free cash flow, enabling t...