In short: Held for years (personal holding, disclosed). The 7-Eleven overhang (a huge equity/debt deal he disliked) is gone; now focused on organic US in-store merchandising. Prudent debt-funded M&A they pay down, buybacks + heavy family ownership.
Couche-Tard runs convenience stores and gas stations worldwide (it owns Circle K). Teich has held it for years. For a while the stock was weighed down by its attempt to buy Japan's 7-Eleven — a deal that would have required issuing a lot of new stock and debt, which he dislikes. That bid is now dead (like an earlier abandoned run at France's Carrefour), lifting the overhang, and management is back to growing the existing business by improving what's sold in the stores. He likes that they fund acquisitions with debt they then pay down, buy back their own shares, and the founding family still owns a big stake — so management's interests line up with shareholders'.
1:00:50Your third pick, I own Couche-Tard, I bought it after during the 7-Eleven,
1:00:58the market didn't like it and I said, "Okay, well, I'll just buy it. I'll just hang on to it." And then it did nothing.
In short: Owned (~1% since the Carrefour attempt). Not the blue-chip everyone thinks — it's a PE-rollup in the public market (Circle K). Bought when the market feared a levered Carrefour bid; instead Bouchard bought stock in the open market (insider buying, which Smead follows "veraciously") then bought back stock. Now the 7-Eleven / Seven & i pursuit will pressure the stock — he'd buy more on tumult.
Couche-Tard runs Circle K convenience stores. Most Canadians treat it as a safe blue chip, but Smead sees what it actually is: a private-equity-style "rollup" that grows by buying other companies in the public market. He bought about 1% when the market panicked over its attempt to buy France's Carrefour — and instead of a reckless deal, management bought their own stock in the open market (insider buying, which Smead tracks closely). Now its pursuit of 7-Eleven's parent will weigh on the stock while cash is committed; he'd happily buy more if it falls further.
57:28from Shane low on X cushard recently had a 15mon low and of course they are doing everything they can to try and buy s and I which is the parent company of 7-Eleven right now the offer on the table is $47 billion to buy it yeah so um just to bring all your listeners up to speed on this you know you know a lot of their brands in Canada we have Circle K here in the United States which is the dominant brand in Phoenix Arizona where I sit everything's a Circle K so anytime I want to interact with card's business
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