Berkshire Is Betting on This Legacy Retail Stock
After sixty years of avoiding department stores, Berkshire is dipping a toe back in.
Overview
After six decades of steering clear of investments in department stores, Berkshire Hathaway (NYSE: BRKA) (NYSE: BRKB) is suddenly investing in a retail icon. I'm talking about Macy's (NYSE: M), the legendary retailer.
Berkshire's last department store investment was Hochschild Kohn, a Baltimore-based retail chain, back in the 1960s, but apparently it didn't go as planned, so CEO Warren Buffett became wary of traditional retailers.
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Originally published at www.fool.com.
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