卖出 Dollar Tree:收购 Family Dollar 改变了轨迹
Chris Cerrone 说,Dollar Tree 持有了十多年,前五年回报极好,后五年不好。2015 年收购 Family Dollar 彻底改变了公司的轨迹;他们耐心等了很久,但经过多年表现不佳和管理层更替,需要筹集现金时,它在业务质量、管理层和再投资三方面都是最弱的一环。
We were quite patient, but after years of underperformance and turnover in management, we concluded this was on the shortest leash from a quality, management and reinvestment point of view when it came time to raise cash.说完之后,2022Q4 的 13F:减仓 -8%