NEW YORK ( TheStreet) -- As investors, it's somewhat natural to want to periodically revisit the companies you've given up on and sold. Those of us who are of the "value" persuasion tend to hold onto positions longer than others, as it can take years for a thesis to play out.When I give up on a name, it's usually not a quick decision, but since I've invested so much time, I may continue to follow companies long after I've sold. That can be painful, especially when you were too hasty in selling, but you can also learn a great deal. I admit I still watch Wendy's ( WEN), (and occasionally visit the drive-through window as well). After a three-year holding period, and modest profit, I gave up on the stock early last summer. The company appeared to have all the building blocks in place following the 2009 merger with Arby's: well-known high-quality brand, cost-cutting opportunities, new products, legendary investor Nelson Peltz as chairman and a formidable portfolio of owned real estate. Unfortunately, while the Wendy's brand held its own through the recession, Arby's same-store sales tanked. Meanwhile the new product launches resulted in very little, if any traction. The hope that breakfast would send the company to new heights never materialized. The rumors of suitors interested in taking over the company never bore fruit. While the company was turning a profit, it was a very small one at that; as still evidenced by the current 637.5 price-to-earnings ratio. Along the way, Wendy's several times appeared to be on the cusp of turning the corner. New management was brought in; the company finally parted ways with Arby's by selling most its stake. There were new advertising campaigns, but none that recaptured the brilliance of the 1980's "Where's the Beef" ads, or those that featured company founder Dave Thomas. Thomas had stepped in to that role after retirement, and many believe it helped save the company. While his daughter Wendy was brought back in for some commercials, it would be difficult for anyone to have the impact that Dave Thomas had.