{"type":"rich","version":"1.0","provider_name":"Transistor","provider_url":"https://transistor.fm","author_name":"Avory - Markets and Investing","title":"Inside Dollar General & Dollar Tree: with TSOH Investing Owner Alex Morris","html":"<iframe width=\"100%\" height=\"180\" frameborder=\"no\" scrolling=\"no\" seamless src=\"https://share.transistor.fm/e/6b50cf2f\"></iframe>","width":"100%","height":180,"duration":3999,"description":"In this episode of Around the Desk, Sean Emory, Founder and CIO of Avory & Co., sits down with Alex Morris of TSOH Investment Research to unpack investing philosophy, portfolio construction, and the real fundamentals behind dollar store economics.\nAlex shares his path into finance, the influence of Warren Buffett, and why transparency and process matter in research. The conversation then dives deep into Dollar General (DG) and Dollar Tree (DLTR), covering store traffic, margin pressure, capital allocation, and how these businesses are adapting amid competitive and operational challenges.\nA grounded, fundamentals-first discussion on how mature retailers evolve, where risks remain, and what ultimately drives long-term value.\nChapters\n00:00 Intro & Guest Welcome\n01:16 Alex’s Background & Investing Roots\n03:51 Research Process & Transparency\n05:07 Core Investment Philosophy\n07:05 Baseball Analogies & Decision-Making\n10:13 Portfolio Construction & Concentration\n12:11 Dollar General Overview\n14:19 Competitive Landscape (Walmart, Amazon)\n16:40 Pandemic Impact & E-commerce\n18:21 Margin Pressure & Execution Risks\n21:39 Store Growth & Home Depot Analogy\n44:15 Dollar Tree vs. Dollar General\n52:31 Capital Allocation & Valuation\n60:26 Key Takeaways\n62:40 Where to Find Alex & Outro\nFind his book: Buffett and Munger Unscripted: - https://www.amazon.com/Buffett-Munger-Unscripted-Investment-Shareholder/dp/1804091413\nDisclaimer\nAvory is an investor in Block.\nAvory & Co. is a Registered Investment Adviser. This platform is solely for informational purposes. Advisory services are only offered to clients or prospective clients where Avory & Co. and its representatives are properly licensed or exempt from licensure. Past performance is no guarantee of future returns. Investing involves risk and possible loss of principal capital. No advice may be rendered by Avory & Co. unless a client service agreement is in place.\nListeners and viewers are encouraged to seek advice from a qualified...","thumbnail_url":"https://img.transistorcdn.com/ADRPTmp9Za1lH4Yt9ZONyfvomzdplTO8ScyOf5TslvM/rs:fill:0:0:1/w:400/h:400/q:60/mb:500000/aHR0cHM6Ly9pbWct/dXBsb2FkLXByb2R1/Y3Rpb24udHJhbnNp/c3Rvci5mbS9kZTBk/NDJhZTkzMjZiZDAw/MWE5ZTc2OWYyNTg3/OTllMC5wbmc.webp","thumbnail_width":300,"thumbnail_height":300}