GREY:SRSCQ - Post by User
Post by
kijijion Feb 15, 2017 9:18am
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Post# 25847931
death of retail
death of retail Warren Buffett's Berkshire Hathaway just sold off $900 million of Walmart stock, choosing to invest billions in airline stocks instead.
The sale, which leaves Buffett with nearly no shares in Walmart, comes as America's largest traditional retailer has been rushing to catch up to Amazon and other online competitors. Amazon's market value is now $356 billion, compared with Walmart's $298 billion. Buffett last year acknowledged that traditional brick-and-mortar retailers were struggling in the face of competition from the e-commerce giant.
"It is a big, big force and it has already disrupted plenty of people and it will disrupt more," Buffett said at his annual shareholders' meeting in 2016, according to Bloomberg. Buffett's been paring his stake in Walmart since then. He first bought shares in the retailer back in 2005.