Procter & Gamble: Balancing Long-Term Optimism with Short-Term ChallengesWe came away from our meetings broadly encouraged about PG’s l.t. growth trajectory as mgmt struck a confident tone as it remains laser focused in its pursuit towards irresistible superiority and driving category growth/share while maneuvering through volatile market headwinds. However, we got the sense that pressures have increased this calendar year given end market demand slowing, volatility increasing, pricing becoming more challenging and potential retailer destocking. However, despite some short term volatility, which will likely impact PG, mgmt believes it can respond and navigate much quicker than its peers. Investor discussions were primarily focused on trends/expectations in the back half of the fiscal year, including consumer behavior and end-market dynamics, FX, China recovery, productivity savings, and ultimately if FY25 guidance is achievable.