Commenting on his decision to sell Walmart Warren Buffet had this to say:
Quote:“Retailing is tough for me to figure out,” admitted the 86-year-old investing guru. “If you go back to when I was a kid, in every town, the guy that owned the big department store in town was king, whether it was Marshall Field or Dayton, or Hudson in Detroit. The department store was king. People said, ‘What can happen to it? It’s down there where the street car lines crossed.’ And women took the street car to shop there and they could see 500 spools of thread and 500 wedding dresses and they couldn’t see anything like that. It offered this incredible array of goods.
“And then somebody came along with the shopping center, instead of making it vertical with all this display owned by one person, they spread it out, owned by many,” he said. “And now comes the Internet and that’s the ultimate variety of things that you can get to very easily. So, people love variety, they love low prices. It just keeps evolving and the great department stores, many of them have disappeared and the rest are under pressure.”
In short never dream of making money here as a fundamentalist. If you are a techie, then that is a totally different ballgame...
Warren Buffet Bufled by RetailTime is money, so money is time. Money saved is time gained in reverse! Money stores your life’s energy. You expend your energy, get paid money, and store that money for a future purchase made in a currency.