Macy’s (M, Financial) stock performed well due to strong earnings. The strength continued in early fourth quarter after an activist investor announced a position in the company and investors began to consider the value of Macy’s significant online business. Last year Macy’s shares collapsed during the pandemic, which allowed us to add to our position and benefit from a recovery in price this year. These events demonstrate how share price movement in shorter periods of time can mean little, which is why we constantly have a long-term focus.
From the Yacktman Fund (Trades, Portfolio)'s third-quarter 2021 letter.
