Anybody noticed what just happened today to another darling, DLTR, because of their Q1 results? Shares 12% down because of ...

Pretty startling. (I don't usually look at the "because of" portion of most financial news items)
I'll have to do a fresh valuation and see if it's time to get back in. Probably so.

But then that's what I like about these firms.
It's a rare two year stretch that doesn't see a high that's more than twice the low.
The business tends to grow pretty steadily, but the valuation level is regularly all over the map.
Wait for it to be irrationally cheap, load up, wait for it to be fully prices, lighten up, repeat.
(or just wait for it to be irrationally cheap, load up, and fuggedaboudit, if that's your style)

I thought it extremely interesting what Mr Buffett said recently about why he didn't invest more in real estate: substantial mispricing is too rare.
What an impressively succinct line of reasoning.
By extension, good common stock investments with frequent irrationally large deviations in price from fair value are even better than stocks with steady valuations.

Jim