TravelCenters of America Gives Me Reasons Not to Give Up on Its Shares

There are a few stages of capitulation -- the ultimate end to a position that is not working out, at least for this value investor -- that I've recently put to paper. I knew they existed in my own investing life, but never took the time to memorialize them until now:

Stage One: The patience begins wearing a bit thin after a name that you took a position in continues to languish and all of your grand ideas about value and/or potential catalysts don't materialize. Stage Two: Denial, where you are in disbelief that you got the story so wrong or that other investors have not seen the promise in a particular name that you've seen. Stage Three: You continue to hold that name, but basically ignore it, forgetting about it, paying no attention unless there is some major movement either positive or negative. Deep down, however, you continue to hold out hope that the story will unfold as you expected Stage Four: You've reached your limit and had enough, and put in the sell order. This entire saga can last several years -- one reason that precludes many from being value investors in the first place.

I'd recently reached the third stage with TravelCenters of America (TA) , an asset-rich name that operates highway-based restaurants, convenience stores and fueling stops under the TA, Petro Shopping Centers and Minit Mart brand names, 200 full-service restaurants (Iron Skillet and Country Pride) and more than 400 quick-service restaurants. It also owns the Quaker Steak & Lube restaurant chain that it purchased out of bankruptcy in 2016....273 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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