This column was originally published on RealMoney on Aug. 1 at 11:51 a.m. EDT.

We are on the eve of the next big move in

Procter & Gamble

(PG) - Get Report

, the one that comes after the closing of the

Gillette

(G) - Get Report

deal, and people are selling now? Because the company was candid about raw costs not done coming down yet? Because emerging markets aren't able to double every year because the business gets too big? Because they are bored with the best story out there?

Whatever.

I think it is important when a company like Procter explains its global domination through research and technology spending -- that's what they do -- that investors understand why this story isn't "finished" and it isn't time to jump ship for

Colgate

(CL) - Get Report

or

Avon

(AVP) - Get Report

. This isn't

Kellogg

(K) - Get Report

getting too far ahead of

General Mills

(GIS) - Get Report

so now we have to switch from Kellogg to Mills. This is just another quarter on the way to PG being in charge of its own fate, vs. the

Wal-Marts

(WMT) - Get Report

and the

Safeways

(SWY)

and the

Albertson's

(ABS)

and the

Costcos

(COST) - Get Report

.

As soon as PG sells some tooth care products, that deal's going to close. When it does, PG will take some of that gigantic cash flow and begin repurchasing stock and boosting dividends as well as putting up huge numbers because of the massively synergistic nature of the PG-G deal. You leave now, you screw yourself.

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But go ahead. Go buy some Colgate. See how that does. Go bet on

Kimberly-Clark

(KMB) - Get Report

or Avon or

Estee Lauder

(EL) - Get Report

or

Loreal

. Remember, though, PG spends more on research than

all

of those companies combined, so don't expect an immediate defeat of the Cincinnati Colossus.

P.S. from TheStreet.com Editor-in-Chief, Dave Morrow:

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At the time of publication, Cramer was long Gillette.

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