Great Call on Procter & Gamble! What's Next?

Procter & Gamble (NYSE: PG) is defensive investing defined. I mean, come on. When it comes to consumer staples, P&G is John McClane -- it may not get style points, but it gets the job done every time with brand kingpins such as Old Spice, Pepto-Bismol, and Mr. Clean. And like all truly great companies, P&G pays a nice dividend, currently 2.3%.

The Motley Fool's CAPS investor community has rated P&G a smoking five out of five stars, with more than 3,500 investors sticking their thumbs way up for the stock. Even with thousands of players weighing in on P&G, though, none has read the stock better than baseballdude. Baseballdude put his thumb down on P&G back in late 2006 and then switched his stance when the market faltered in mid-2007, earning 34 points between the two timely calls.

Baseballdude is one of CAPS' All-Stars -- players with a rating of 80 or greater -- and he has managed a stock-picking accuracy of 60% on his calls while racking up nearly 5,000 points. P&G hasn't been his only great call. Here are some of his other prescient picks:

And what is this investor looking at these days? Here are a few of his most recent calls on CAPS:

Maybe not all of these picks will pan out, but each one is a good place to start further research. I decided to take a look at Force Protection.

From rags to riches and back
The story of Force Protection is tabloid material if I've ever seen it. Just back in January of 2007, the stock rose from the obscurity of the pink sheets to the far more prestigious Nasdaq. At the time, the company was leading the charge in outfitting vehicles for the military that could withstand the roadside explosives that have been so devastating in the Iraq war.

With its business success and shiny new Nasdaq listing came a tremendous run for the stock. Between early 2006 and mid-2007, the stock rose a jaw-dropping 3,000% as orders for vehicles rolled in and the company started turning a profit.

Alas, it wasn't to last. Competitors like Ceradyne and General Dynamics (NYSE: GD), with their eyes on fat defense contracts, soon began to give Force Protection a run for its money with competing products. And as if that weren't enough, the company stacked accounting problems and a fleeing management team on top of that.

Today, Force Protection is a shadow of what it was at its peak. It's behind on its financial reporting and receiving delisting notices. It's a pincushion for shareholder lawsuits. And it's trading at a mere $3 per share. Sure, its forward P/E multiple may be listed at under five, but it's clear that most investors are highly doubtful that it will be able to post the $0.72 that analysts expect in 2008.

But many investors on CAPS are looking past all of this. One such investor is costanostra, who gave Force Protection's stock the nod last week. He thinks the market has overblown the situation with management:

Force Protection has come under flack recently (no pun intended) due to some issues with management and various class action lawsuits. They've been criticized in the U.S. but it seems that overseas they are doing well. I would like to see some more contracts from this joint venture in the United Kingdom and possibly in China as they increase military spending. There will be strong demand for armored combat vehicles for years to come. I think management has an opportunity to turn this stock around.

So, what's your take on Force Protection? Get in the action by clicking over to CAPS. CAPS is absolutely free and already has over 96,000 stock pickers chipping in to find the best stocks out there.

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