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%