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Why Warren Buffett's Protege Just Bought This Dirt-Cheap Brick-and-Mortar Retailer

At least someone out there is still practicing value investing. Looks as if one of Warren Buffett's two younger lieutenants at  Berkshire Hathaway   ( NYSE:BRK-A )   ( NYSE:BRK-B )  just made a la.rge deep-value investment. Ted Wechsler, who joined Berkshire in 2011, recently disclosed that he had personally bought 1.08 million shares of  Dillard's   ( NYSE:DDS ) , the beleaguered department store, good for 5.89% of its outstanding shares. We don't know exactly when Wechsler had been buying, though we do know that he crossed the 5% mark on Sept 29, necessitating a filing. Of note, Wechsler made this purchase personally, and not as part of Berkshire's equity portfolio. Dillard's had seen relatively lackluster business even before COVID-19 hit, which caused an even bigger drop in sales. Moreover, the company was removed from the S&P MidCap 400 Index in June, as its market cap plunged below $1 billion after the stock has fallen a whopping 43% this year. So...

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