I remember quite well the first Berkshire Hathaway annual meeting after Eddie Lampert gained control of Sears. Buffett was asked what he thought of Lampert's move.
Buffett's reply was that retail is an extremely tough business and while he thought Lampert was smart Warren wouldn't want to be in his shoes. Buffett referred to his own experience early in his career when he took full control of a retailer and eventually was happy to escape without losing money.
In the video below hedge fund manager and value investor Guy Spier explains why he isn't interested in investing in Retail businesses including Sears.
Buffett's reply was that retail is an extremely tough business and while he thought Lampert was smart Warren wouldn't want to be in his shoes. Buffett referred to his own experience early in his career when he took full control of a retailer and eventually was happy to escape without losing money.
In the video below hedge fund manager and value investor Guy Spier explains why he isn't interested in investing in Retail businesses including Sears.
