Tuesday, March 31, 2020

Buying Macy's (M) @$4.99

Macy's is struggling together with most department stores. Efforts to go online have been slow.
Few tourists to New York city are also hurting the business.
Macy's real estate is valued at $18B and yet the market cap has shrunk 92% to under $2B.
As much as this is a real estate play, it's also an acknowledgement that this is still a powerful brand. The company is well funded and should be able to come out the other side of this pandemic.

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