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.

Alex 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.

A grounded, fundamentals-first discussion on how mature retailers evolve, where risks remain, and what ultimately drives long-term value.

Chapters

00:00 Intro & Guest Welcome
01:16 Alex’s Background & Investing Roots
03:51 Research Process & Transparency
05:07 Core Investment Philosophy
07:05 Baseball Analogies & Decision-Making
10:13 Portfolio Construction & Concentration
12:11 Dollar General Overview
14:19 Competitive Landscape (Walmart, Amazon)
16:40 Pandemic Impact & E-commerce
18:21 Margin Pressure & Execution Risks
21:39 Store Growth & Home Depot Analogy
44:15 Dollar Tree vs. Dollar General
52:31 Capital Allocation & Valuation
60:26 Key Takeaways
62:40 Where to Find Alex & Outro

Find his book: Buffett and Munger Unscripted: - https://www.amazon.com/Buffett-Munger-Unscripted-Investment-Shareholder/dp/1804091413

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Inside Dollar General & Dollar Tree: with TSOH Investing Owner Alex Morris