In individuals, insanity is rare; but in groups, parties, nations and epochs, it is the rule. Friedrich Nietzsche
Buffett is showing his contrarian views here by rejecting the conventional wisdom that Apple is the future and Kroger is the past. Additionally, Buffett is selling an expensive stock for cash. Mr. Market was paying $324.95 a share for Apple on 14 February 2020. I think Buffett thinks Mr. overprices Apple, and I agree.
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Kroger also bought around 6% of the British online grocer Ocado, a press release indicates. Kroger and Ocado entered into a partnership and subscription agreement that will bring Ocado’s Smart’s Platform to the United States. That will give Kroger access to Ocado’s robotics and digital technology capabilities.
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If you are looking for a bargain in the retail sphere Kroger is certainly worth a look. Unfortunately it’s a stock that is likely to remain underpriced until food and/or fuel prices increase substantially. Since I don’t expect that to happen any time soon, expect Kroger share price to remain low for the foreseeable future no matter what Amazon does.
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During third quarter 2016, Kroger’s revenues increased by $1.48 billion. Costco’s revenues grew by $880 million in the same quarter and Walmart’s expanded by $770 million. Kroger reported $112.41 billion in revenues in July that grew to $113.89 billion October; Costco reported $118.72 billion in revenues in August that grew to $119.60 billion in November, and Walmart reported revenues of $483.83 billion in July and $484.60 billion in October.
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