BUFFETT: Yeah, we have a really bad record, starting in 1966. We bought what we thought was a second-rate department store in Baltimore at a third-rate price, but we found out very quickly that we bought a fourth-rate department store at a third-rate price. And we failed at it, and we failed ...
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Yeah, quickly. That's true. We failed other times in retailing. Retailing is a tough, tough business, partly because your competitors are always attempting and very frequently successfully attempting to copy anything you do that's working. And so the world keeps moving. It's hard to establish a permanent moat that your competitor can't cross. And you've seen the giants of retail, the Sears, the Montgomery Wards, the Woolworth's, the Grants, the Kresges. I mean, over the years, a lot of giants have been toppled.
Read more at: http://www.moneycontrol.com/news/international-markets/cnbc-excl-warren-buffett-charlie-mungerbill-gates_1079816-5.html?utm_source=ref_article
Read more at: http://www.moneycontrol.com/news/international-markets/cnbc-excl-warren-buffett-charlie-mungerbill-gates_1079816-5.html?utm_source=ref_article
Yeah, quickly. That's true. We failed other times in retailing. Retailing is a tough, tough business, partly because your competitors are always attempting and very frequently successfully attempting to copy anything you do that's working. And so the world keeps moving. It's hard to establish a permanent moat that your competitor can't cross. And you've seen the giants of retail, the Sears, the Montgomery Wards, the Woolworth's, the Grants, the Kresges. I mean, over the years, a lot of giants have been toppled.
Read more at: http://www.moneycontrol.com/news/international-markets/cnbc-excl-warren-buffett-charlie-mungerbill-gates_1079816-5.html?utm_source=ref_article
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