● When P&G bought Gillette, last year, they expected the transaction to be dilutive to earnings in the first two years. So far, even with the dilution the company managed to report very good numbers and raised guidance further. One of the areas where growth for P&G will come is, developing countries, where it has 23% of the market share. This should also reduce its exposure to the unfavorable dollar outlook vs. the Euro and Yen. The falling energy and raw material prices should fur...