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It's just one of many retailers. I wouldn't get in pro-cyclically under any circumstances.
Unless I'm missing something here that distinguishes their business model from other competitors.
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@SSIT They don't have a moat, that's true. But they do have a moat.
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@SSIT So far the trend is continuing!
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@Pete_Mitchell Everyone is welcome to generate good returns with it. It would be nothing for me at the moment.