Professor Greenwald explains why the Microsofts, J&Js and Coca-Colas protect investors with their ability to raise prices.
He also points out franchises like this are usually expensive but these days they are not.
Some of the stocks that he mentions in the interview have rallied a bit (in Coca-Cola's case quite a lot, actually) since this was published. Still, with a decent correction much of what he says remains the situation today if an investor has a long-term horizon.
Great individual franchises selling at reasonable valuations even if the market as a whole is not cheap.