Today, I finally sold all my Couche-Tard shares.
It took me many weeks to sell because I've loved Couche-Tard for years. I still think that it's a good company. Probably not great anymore, but still good.
Sadly, Couche-Tard had changed: Fuel selling wasn't as trendy as before. Buying other convenience stores wasn't even that appaling for Couche-Tard. They thought about diversification through Dollar Stores instead. Which was a big source of ????? for me.
Why should I stay with Couche-Tard if that company thinks that Dollar Stores is the place to be? Why shouldn't I sell my Couche-Tard shares to buy Dollarama or Dollar General instead? And what about the future of fuel? What about electric stations? Couche-Tard would maybe adapt it's model, but maybe not. A changing industry is not the easiest place to be. You may believe in the company, but the fog is thicker than before. And I don't like fog. I prefer to pay more for less fog (whatever Buffett says about overpaying for a cloudless sky. Yeah, that’s probably why he didn’t buy anything in March 2020).
That's mostly why I sold Couche-Tard.
Some years ago, I wrote a post about my "permanent holdings".
Couche-Tard was among that list. Yeah, "permanent" my ass. Most of the stocks listed on that post have been sold.