Yesterday we mentioned that Wal-Mart had tamped down expectations for its holiday-season sales. Then came word that Warren Buffett, the Oracle of Omaha, had made a sizable investment in Wal-Mart. Buffett nearly doubled his investment in the nation's biggest retailer in the quarter that ended in September.
Wal-Mart would seem to be the ultimate recessionary stock. Not only are its goods famously inexpensive, but they also tend to be the kinds of things that people still need to buy even when they're struggling or out of work. Among its other distinctions, Wal-Mart is the country's largest food retailer. Does Buffett think the recession is going to continue for some time, that we'll all be buying cut-rate goods for the foreseeable future? Let's hope not.
What else is Buffett shopping for? Here are his other purchases for that third quarter:
* Travelers
* Nestle
* Republic Services
* Exxon Mobil
No comments:
Post a Comment