What Did You Buy Today?

[Otter]

MCD is a great company, and executes well, but $161 Billion multinational behemoths just don't grow at a rate sufficient to justify a P/E of 26.57, even when you are willing to pay somewhat of a premium for quality and scale. It is way above its 10yr average P/E of 20.55 (roughly 30% above its average valuation). 

I'm usually willing to pay $15 for a dollar of a company's annual earnings (a P/E of 15). Paying 76% more than that is too rich for me. This is a company I would very much like to own, but I guess I'll have to wait until the next significant pull-back.