When does a “quality company” become a bad investment due to their valuation?

Summary

• The post explores the tension between high-quality businesses (e.g., Costco, Apple, Domino’s) and their elevated valuations, questioning when premium multiples erode future returns.
• The author is seeking a framework from other investors on how to balance quality vs. valuation, not offering a specific thesis or trade.
• Quality assessment: This is speculative noise / discussion prompt, not well-researched DD. No data or analysis presented.