90 ordspråk av Bill Dreher

Bill Dreher

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 Wal-Mart's EPS growth is twice that of the S&P. For the third consecutive year it has seen an increase in operating margins and we believe it still has tremendous growth opportunity over the next 5 to 10 years both domestically and abroad. At the very least, this should allow the stock to come off the low-end of the trading range and move higher.

 Wal-Mart's management is rather conservative, but it sounds upbeat about the future. I'm very confident that if the economy improves, the company could surpass its own guidance for the rest of the year.

 We believe our competitors have shown irrational exuberance with Christmas forecasts, ... We believe the average consumer is worried about higher gasoline prices, jobs and doesn't believe he will benefit from the stock market. With this climate, if you're just a 'me-too' retailer, you'll be in a world of hurt. The department stores will suffer but the discounters Wal-Mart and Target will do well.

 We believe that consumers are going to be reluctant to visit shopping malls due to their being a population center and a potential terrorist target. We think some of the department stores in urban centers, particularly those that are American icons, also represent a security risk.

 We believe this update is a combination of management's typical conservatism and sales sluggishness from the unusually warm weather,

 We believe this update is a combination of management's typical conservatism and sales sluggishness from the unusually warm weather.

 We believe this will have a negative impact on February sales for the majority of our retailers as the much colder weather will likely impede store traffic, and sales of spring merchandise sets that are now in stores may be impacted.

 We have always been skeptical of their reverting back to their blue light roots in the stores and on the Web, ... Instead of emphasizing every-day low prices, it appears to emphasize one-time grab-bag bargains, which is not what the consumer wants right now.

 We knew Sears was going to have some rough sledding ahead but what's obvious now is that it's going to be a lot rougher than anticipated,

 We knew today was going to be a disaster. What surprises us was how bad it was was.

 We're not out of the woods yet. Forty percent of holiday sales are wrapped up in the week before Christmas.

 While integration risk is always the greatest concern with mergers, we have a high comfort level that the (Federated) game plan is achievable.

 While Kohl's is expected to steal market share from Mervyn's, it should be limited to 1 to 2 percent of total division shares,

 While Kohl's is expected to steal market share from Mervyn's, it should be limited to 1 to 2 percent of total division shares.

 You tend to mark down stuff when you're stuck,


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