Here’s a closer look at our decision to change course on P&G

Procter & Gamble’s soft earnings report Wednesday morning motivated us to take decisive action and move on from our tiny remaining position. The reason is simple: There’s not much to really like in the results. And while we made this decision early in the morning , nothing we heard on the conference call made us regret our choice. We’re especially glad we cut the position size by a third Tuesday afternoon to protect against an earnings letdown. That brought its weighting in the portfolio down to less than 1%. We’ve been clear since the July Monthly Meeting that we’re looking…