The first household name to report earnings this season is, of all things, Pepsi. And, in keeping with the 2023 theme, it is vaulting higher.
![](https://slopeofhope.com/wp-content/uploads/2023/07/pepsilo-640x601.png)
What’s amazing about this stock is, oh, let’s say, the past half century. It never seems to go down. Oh, sure, during extreme bear markets that last more than a few weeks (remember those?) it will soften up a bit, but on the whole, this sucker just goes up, and up, and then after a breather, goes up some more. The trendline I’ve drawn has been intact since Richard Nixon was still learning his way around the White House, and it hasn’t been broken once.
![](https://slopeofhope.com/wp-content/uploads/2023/07/slopechart_PEP-640x343.jpg)
The driving force behind this is multiple expansion. That is to say, there was a time when a company that sold sugar water and dry oatmeal would have a P/E of 11 or so. Not these days. The P/E is almost 40, which used to be the realm of high-risk biotech companies. (And if you want a real kick, just read the company’s own “description“, which will turn your stomach even worse than drinking a diet Pepsi).
![](https://slopeofhope.com/wp-content/uploads/2023/07/peppe-640x334.png)
The last thing I’ll say is that, judging from the logo history, I am convinced Pepsi was created in the late 19th century from an alien race of beings, because that is QUITE the original logo.
![](https://slopeofhope.com/wp-content/uploads/2023/07/oldlog-640x332.png)