PG has superior management and durable moats; current price is below fair value, supporting a long-term hold thesis.

The next stock I'm going to highlight as one you can buy and hold forever is Procter & Gamble. This is a basic consumer goods company that sells products, branded products, to consumers primarily for their home use.

They have a decades-long history of doing so. They have a portfolio of brands that they currently sell to consumers, and in my opinion, this is one of the best-managed companies in the world .

It's not just run because they have a great CEO or a great senior management team, but overall it's a very well run company that has developed a company management strategy that doesn't matter who the CEO is, right?

The next CEO, in my opinion, will do a similar job to the current CEO because they have developed a talent development framework over decades that works extremely well.

They have a great communication channel, a great training system, and they have learned how to serve customers cost-effectively.

This is extremely difficult when you are an international company like Procter & Gamble, which generates around $100 billion in annual sales worldwide. You have manufacturing facilities around the world, and you distribute products to stores and retailers worldwide .

Marketing, logistics, shipping, and execution are all extremely difficult. The level of difficulty is extremely high.

You don't see many new companies joining this industry because it is an industry that is very difficult to compete in against established companies. The economies and size of the big players are so huge that it makes it very difficult for a smaller person to come in and compete.

When a smaller entity comes along and competes in a particular category, say in detergents or, you know, hair care, wherever the category is, Procter & Gamble has done a great job of identifying and acquiring those startups.

And doing so effectively , without overpaying , putting that into their portfolio, making it another great brand, and boosting that brand’s performance as it benefits from the network that Procter & Gamble has built around distribution, logistics, marketing, etc.

Procter & Gamble shares are also selling at an attractive price of $148. I have calculated a fair value for the stock of $174.

I do not currently own shares in Procter & Gamble, but I am interested in eventually owning the company . This is another category where the advantages of large size are difficult to overcome.

For reasons similar to those that give Procter & Gamble significant and sustained competitive advantages, Hershey's has very similar competitive advantages.