I don't think I can count how many times I have heard in my career "you can always count on Coca-Cola, no matter what condition the economy is in." It's as true today as ever. With the markets reacting in a volatile manner, globally, Coca-Cola Co. (NYSE: KO) is as solid as a rock. This $125 billion market capitalization company is only $2 off of its 52-week high of $56.71. The dividend yield is a solid 2.5% and Coca-Cola has a nice history of raising the payout.

Coca-Cola is one of the world's most recognizable brands. Coca-Cola was a global company before most of us knew what "globalization" meant. It is one of the United States most important exports. Besides the flagship product of Coke, the company also markets consumer favorites like Diet Coke, Fanta and Sprite. Latley, the company has expanded its product offerings to include bottled water as health-conscious consumers have gravitated to this sector of the beverage industry. Coke has successfully diversified its revenue and earnings base by expanding to this valuable part of the industry.

The amazing aspect to the Coca-Cola story is how professional portfolio managers view this company. The revenue and earnings growth rates are only about 10%, but yet Coca-Cola sports a hefty price-earnings multiple of 24 times. Portfolio managers have such confidence in the quarterly performance of Coca-Cola and the absolute consistency of its numbers that many refer to Coca-Cola as "the sleep well stock." This means they do not have to worry quarter-in and quarter-out about Coca-Cola achieving stated expectations: it's virtually automatic.

I expect Coca-Cola's to post revenue of $27.8 billion and earnings per share of $2.62. For 2008, I see revenue hitting $30.3 billion with earnings per share of $2.94. Coca-Cola doesn't usually give great upside to its revenue and earnings reports, but it is extremely consistent and in a volatile marke is considered a very safe place to hide.

In robust, up markets, Coca-Cola will not be the best or the sexiest-performing stock. It just continues to perform as it does in tough markets ... consistently. Its past advertising slogan of "Coke is the real thing" is as apropos for the stock -- it's the real thing.

Georges Yared is the chief investment officer of Yared Investment Research and the author of Stop Losing Money Today .

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