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BUSINESS Monday 25 February 2019
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Buffett encourages investors to bet on American economy

By JOSH FUNK safer if all nations thrive," ance business operations.
Associated Press Buffett wrote. "At Berkshire, "These moves were over-
OMAHA, Neb. (AP) — Bil- we hope to invest signifi- due," Buffett said. "Berkshire
lionaire Warren Buffett cant sums across borders." is now far better managed
says the company he built Buffett's letter is always well- than when I alone was su-
through decades of acqui- read in the business world pervising operations. Ajit
sitions continues to perform because of his remarkable and Greg have rare tal-
well even though he hasn't track record, his habit of ents, and Berkshire blood
found any major deals at dissecting the economy or flows through their veins."
attractive prices recently. other topics and his talent Buffett wrote that Berkshire
Buffett released his annual for explaining complicated continues to hold roughly
letter to Berkshire Hatha- subjects in plain language. $130 billion in cash and
way Inc. shareholders on But in recent years he has short-term investments be-
Saturday. He wrote that simplified his letters and fo- cause he hasn't found any
investors should continue cused mostly on Berkshire's In this May 5, 2018 file photo, Warren Buffett, Chairman and CEO reasonably-priced acquisi-
betting on the American businesses. The sage ad- of Berkshire Hathaway, is seen during a tour of the exhibit floor tions in recent years, so he'll
economy because Berk- vice and wit that used to at the CenturyLink Center in Omaha, Neb. likely continue investing
shire has prospered by make Buffett's letters must- Associated Press more in stocks.
doing so, but that they read publications is now re- "Prices are sky-high for busi-
shouldn't forget about the served mostly for the com- potential successors he pro- Jain joined the company's nesses possessing decent
rest of the world. pany's annual meeting and moted last year to oversee board last January and long-term prospects," he
"There are also many other interviews. most day-to-day opera- took on additional respon- wrote. The company also
countries around the world "To me, it's becoming less tions are doing well, but the sibilities. Jain now oversees has major investments in
that have bright futures. of an event," Edward Jones 88-year-old tycoon made all of the conglomerate's such companies as Apple,
About that, we should re- analyst Jim Shanahan said no mention of retiring. insurance businesses while American Express, Coca-
joice: Americans will be of the letter. Longtime Berkshire execu- Abel oversees all of the Cola and Wells Fargo &
both more prosperous and Buffett wrote that the two tives Greg Abel and Ajit conglomerate's non-insur- Co.q

Saks Fifth Avenue president talks about luxury

NEW YORK (AP) — Saks Fifth connect with style advisers the way for rolling out con- City. The New York City lix?
Avenue President Marc in the same market. cepts for the other stores. customer wants a flagship Q. What's your outlook?
Metrick wants to bring the- The moves come as Saks Q. Did new competition type of experience. In New A. I would call my mood
ater to luxury shopping at Canadian parent Hudson's spark renovation of the York City, you cannot bring cautiously optimistic...
a time when shoppers can Bay Co. has floundered, but flagship? a knife to a gun fight. There's a fairly tight corre-
buy their designer hand- the Saks business has been A. We are always going to Q. What's the reason for lation between the Dow
bags online. a bright light, even though be spending money and shoppers to come to Saks Jones Industrial Average
Under his leadership, Saks it shuttered its much-hyped investing in our flagship stores? and our business. I still feel
is in the last phase of what women's store at Brookfield store. It's a very important A. I believe luxury is the- pretty good. I am excited
he calls a $250 million rede- Place in downtown Man- part of our business, but ater... Friends of mine who about what's ahead for us.
velopment of the storied hattan after two and a half the size and the scale of are in banking or are doc- Q. What's been the impact
Saks Fifth Avenue flagship years. In the latest quarter what we are doing was in tors always say to me, why of the trade wars with Chi-
in Manhattan just as luxury ended Nov. 3, 2018, Saks response to competitive would I want to buy some- na on your business?
rivals Neiman Marcus and Fifth Avenue enjoyed a 7.3 entry. I learned from having thing in your store, when I A. We are monitoring the
Nordstrom expand into the percent increase in sales my Brookfield store down can buy it online? And I say situation, but there has
city. Metrick, who took over at stores opened at least a here. First, you can't bring to them, why don't you just been no impact to our
the helm of Saks in April year. a branch store to New York stream "Hamilton" on Netf- business.q
2015, aims to reinvent the Metrick, 45, spoke with The
department store experi- Associated Press about
ence. He's added a fancy competition and his out-
Parisian restaurant import, look. Questions and re-
and is dedicating the main sponses have been edited
floor to luxury handbags for length and clarity.
that's staffed with hand- Q. How are the renovations
bag style advisers in addi- at your flagship part of the
tion to the sales associates. chain's overall strategy?
Last year, he relocated the A. We are calling it the new
beauty department from luxury. As it relates to the
the first floor to the second customer, it's everything
floor, while adding luxuri- about how they experi-
ous treatment rooms, new ence our store, how they
brands, and more beauty experience our website,
services. The remaining how we communicate with
40 Saks stores are get- them. I think the New York
ting touches that include flagship store serves two
warmer lights and lower purposes. It's a beacon for
lines of sight. Some stores' everything we do at Saks In this Wednesday, Feb. 20, 2019, photo Saks Fifth Avenue Presi-
beauty areas are offering on brand and our posi- dent Marc Metrick rides the escalator inside the company's
expanded treatment ser- tioning in the world. It also flagship midtown Manhattan store, in New York.
vices. Online, shoppers can acts as the first stop along Associated Press