My deep dive on small box retailer Dollar General (“We Went Where They Ain’t”), which was published in June 2021, concluded with the following: “I believe Mr. Market has some doubts about the company’s ability to grow beyond ~25,500 units and / or questions the sustainability of the business and its economics at maturity. I’d argue the market has held some version of this belief for much of the past five years, which is why the stock trades at a pretty large discount to retailers like Costco.