Shares of Procter & Gamble (NYSE:PG) have held up relatively well during the market plunge. Its loss was about 9.2%, compared to a 15% drop in the Dow.

Then again, the company does have loyal shareholders. After all, Warren Buffett’s Berkshire Hathaway (NYSE:BRKA) owns 78 million shares, and based on his latest comments, he is still bullish on the prospects for America.

So, it’s a good bet he’ll hold onto his shares of P&G – if not buy more. Keep in mind that the company has more billion-dollar brands than any other company in the world. These include Head & Shoulders, Olay, Pantene, Gillette, Crest, Ace, Downy, Duracell and Pampers. Because of this premium portfolio, P&G has the ability to maintain or grow market share.

Yet P&G is not resting on its laurels. During the past year, it has spent $2 billion in research and development, which is up over the past couple years. Thus, it should be no surprise that the company continues to launch innovative products.

But P&G also realizes that it must leverage partnerships. For example, the company recently teamed up with Teva Pharmaceuticals (Nasdaq:

TEVA) to focus on healthcare products and distribution.

No doubt, P&G does face some headwinds, such as rising commodities prices. For the past year, these costs came to about $1.8 billion — $1 billion more than forecasted. However, in light of the recent drop in oil prices, there may be less pressure going forward. P&G also has the advantage of a global logistics footprint, which makes it easier to negotiate with suppliers.

There will still be issues with the weakening global economy, and the Fed’s statement on Tuesday was certainly chilling.

There are also signs that P&G is seeing a falloff in consumer demand. In the latest quarterly report, the company provided a somewhat wider guidance for fiscal 2012, with growth at 6% to 10% for earnings.

But even if the company comes in on the low end, cash flow will still be substantial. In fact, the company may boost its top line with some acquisitions, especially since valuations are much lower now.

Of course, P&G will continue to use its cash flow for its healthy dividend as well as share buybacks. Consider that the company has returned $35 billion to shareholders over the past three years.

So with a strong global platform, healthy profits and a strong dividend yield of 3.5%, P&G is certainly an attractive option for investors.

Tom Taulli’s latest book is “All About Short Selling” and he has an upcoming book called “All About Commodities.” You can find him at Twitter account @ttaulli. He does not own a position in any of the stocks named here.