This diversified business model insulates PepsiCo from declining soda consumption rates and makes it a recession-resistant investment, because shoppers will continue to buy its products throughout economic downturns. Under Indra Nooyi, who served as PepsiCo's CEO from 2006 to 2018, it also refreshed many of its brands with new flavors and healthier versions, which helped it partially overcome its reputation as a junk food giant. The bears might argue that PepsiCo will eventually run out room to cut costs or raise prices, but this company has endured plenty of inflationary cycles and recessions since its public debut in 1919.