There aren’t really any good times to buy Colgate-Palmolive at fire-sale prices. The reason? Everyone knows what a great company it is. I don’t care what kind of investor you are–value, growth, old, young, medium-term, long-term–Colgate-Palmolive has been a wonderful firm to own. About the only people who might not like it are short-term traders, and even then, there are short-term periods when Colgate performs especially well.
The way I see it, there are probably six magic firms I write about. Two of them are Coca-Cola and Johnson & Johnson, which have such extraordinary earnings quality and hedges in place that it is almost certain that someone buying the stock today will be collecting cash dividends in 2050. Another two are Berkshire Hathaway and ExxonMobil, which are wonderful for reasons beyond the intrinsic characteristics of them assets themselves. Berkshire has Warren Buffett guiding a $55 billion cash hoard, and ExxonMobil frequently enjoys years of undervaluation coupled with earnings and dividend growth that make it a godsend for people that want to generate meaningful (and growing) dividend streams over the decades.