This move by Berkshire restores my faith in Macys, which was on the same slow liquidation path as Sears, Pennys, and many others. I’ won’t be an immediate buyer, however I do expect Macys to be an ultimate survivor, and benefit enormously by the continued failures of the balance of department stores remaining. Kudos to Macys and Berkshire.
Key words. Substantisl real estate holdings. Seen a few of these get that real estate quietly sold off after boyouts and remnants placed in BK...then they put out PRs blaming shrimp sales.
Eddie Lambert had this in mind when everyone laughed at him with his Sears Kmart consolidation. Wind down the retail and absorb what's left.
“”wandering through perfume fog thick enough to qualify as weather””
Love this description.
It's so true. I'll always remember being a kid being dragged past the Estee Lauder counters and how insanely pungent it always was...
True. Tom Waits used it in one of his songs. “Estée Lauder, smells so sweet” 😂
Well done Chris! Good to highlight traditional value investing! Thanks!
This move by Berkshire restores my faith in Macys, which was on the same slow liquidation path as Sears, Pennys, and many others. I’ won’t be an immediate buyer, however I do expect Macys to be an ultimate survivor, and benefit enormously by the continued failures of the balance of department stores remaining. Kudos to Macys and Berkshire.
Key words. Substantisl real estate holdings. Seen a few of these get that real estate quietly sold off after boyouts and remnants placed in BK...then they put out PRs blaming shrimp sales.
Eddie Lambert had this in mind when everyone laughed at him with his Sears Kmart consolidation. Wind down the retail and absorb what's left.
Careful out there.
Markets are "highly efficient" much of the time and grotesquely inefficient (such as now) much of the rest of the time.
I actually agree with the concept, but Berkshire owns $16.6 billion Google and $55 million Macy's. (Unless Ai is misleading me)
Not the narrative, short the whole fucking thing is back my friends.
It's cheap, but I don't like how their revenue and income are declining. I'd consider a dip buy around $11-12 where it traded in 2023 & 2025.