the yield isn't enough. from superb businesses i want something around 9% fcf yield. i rarely invest in companies that i don't see as "hold forever" investments because of our idiotic tax system. if the company is growing quick enough, i might sacrifice a percentage point or two, but not for KO.
there's always the fear that more people start thinking like me. i was a heavy-duty coke drinker. then realized sugar and sweeteners aren't really something i want to spend money on. now i do a can or two a week. that's about 5% of what i used to drink.
edit:
to clarify: i don't see it as such a high quality investment. in 30 years or so, coke could be viewed as the new philip morris or something. selling addictive poison to poor people who don't know any better. so at 15% i might take a bite but at 4,5% never.
