The entrance strategy is actually more important than the exit strategy.
I think a lot of times when people talk about merchants, it's almost a nostalgic look back at the time where the world moved at a very different pace, and information was very different.
To operate a company of the size of Sears Holdings or Wal-Mart or Target or Home Depot or Lowe's, you need a combination of skills, and each of those skills needs to be sufficiently strong.
The pushback I get is, 'He's a hedge fund guy.' Full stop. Some places, that can be a badge of honor. In others, it's almost a term of derision.
