Tyler Crowe

The stuff that's a problem, it is fixable, right?

And if you focus on the current store fixing, like you were talking about, Matt, in the most recent numbers, instead of...

really like trying to blow out your store count, which was part of the growth narrative and why it was so successful.

You know, all these things happen and, you know, boom, we're back at a two times price to sales ratio, eight times book value.

And some of these things are coming true.

Sales continue to grow.

Margins are improving.

But at the same time, that valuation standpoint, it hasn't come anywhere close to it.

We're still less than one times sales.

I think book value is something like two, two and a half times book.

The valuation is way different.

And this is the challenge, in my opinion, of investing in turnarounds.

And I wanted to use Dollar General as a good example here.

But we could have, I don't know, done advanced auto parts or the 15 other long-term turnarounds that sometimes have not quite gotten off the ground.

It's not just a bet on the fundamentals of the business returning.

It's also the narrative that drives that valuation of what people think about it.

And I know I certainly have touched the hot stove a couple of times.

I don't even know if I can mention some of them because they're so small these days that

I think we could move the stock, so I don't even want to mention them because they're in such bad shape.

But with that in mind, one, if you want to share any turnaround bets that you made that didn't go awry or did, and what advice would you give to investors when it comes to actually investing in these turnaround ideas or fallen angels like Donald General?