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

Disclaimer

Avory is an investor in Block.

Avory & 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.

Listeners and viewers are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.

“Likes” are not intended to be endorsements of our firm, our advisors, or our services. While we monitor comments and “likes,” we do not endorse or necessarily share the opinions expressed by site users. Any form of testimony from current or past clients about their experience with our firm is strictly forbidden under current securities laws. Please limit posts to industry-related educational information and comments.

Third-party rankings and recognitions are no guarantee of future investment success and do not ensure that a client or prospective client will experience a higher level of performance or results. These ratings should not be construed as an endorsement of the advisor by any client nor are they representative of any one client’s evaluation.

Please reach out to Houston Hess, our Head of Compliance and Operations, for any further details.