May. 15 at 3:50 PM
QUALITY GROWTH REALITY CHECK: Terry Smith going full rotation—reports show exits in
$NKE and
$INTU while trimming long-held winners. This isn’t just redemptions, it’s conviction risk surfacing in real time. At some point, even “best businesses” become too many moving parts to monitor. Maybe indexing would’ve simplified the story.
Holding
$DPZ a decade ago vs trading in/out today says it all. When your portfolio becomes a mosaic of narratives, the edge fades. Markets don’t pay for complexity—they pay for clarity.
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