"In almost any other environment, we would view O'Reilly Automotive as a very stable, safety-like business with solid earnings growth. We consider O'Reilly to be more like healthcare for cars than a retailer. Unfortunately, this pandemic has changed a crucial part of our investment case. Given the stability in the underlying demand for replacement car parts, the company has been managed with a leaner balance sheet, and most of the company's free cash flow has been used for share repurchases. It is unlikely that O'Reilly's profits will be impacted enough to cause issues with its debt covenants, but the leverage on O'Reilly's balance sheet, combined with a much larger impact on the business during a downturn than we could have anticipated, changed our investment case.