Procter & Gamble, "king of defensive stocks" as dubbed by Barron's, is now trading at its lowest price to earnings ratio, 13.9, in 20 years. Shares trade for under $53 - near a 52-week low - and currently yield 3% (again, the highest figure in 20 years). Last year, P&G outperformed the broader market and its peers. So far in 2009, P&G has fallen 14% versus the S&P's 3.8% dip.

The company still expects organic growth of 2% to 5%, and still boasts 23 brands that each generate $1 billion or more in annual sales. This is a stock to buy and hold forever.

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