卖出达美乐：好生意，但估值只能靠高增长撑着
2015 年 Fundsmith 卖出了达美乐，它是基金成立以来表现最好的股票。特里·史密斯认为当时的估值只有在高速增长能持续时才说得通，而他对此存疑。他说卖得既遗憾又忐忑：这无疑是一门好生意，而卖掉好公司是他们一向不愿做的；如果估值回到合理水平，他们很乐意再买回来。
We sold our holding in Domino’s Pizza during the year since it had reached a valuation which we felt was only justifiable if the current rapid rate of growth is sustainable, which we would doubt.说完之后，2016Q1 的 13F：未持有