Since mid-March, Andy started to buy the United States at the bottom and rebounded. Although there were many b-folds in the process, it was considered a big market with a strong rebound. However, after June, the US stock market began to decline again.

Some analysts have begun to expect the stock market to fall for a long time, especially as the performance disclosure period moves forward, the company's announced performance disappoints investors.

Because the consumer confidence index was lower than expected, U.S. and European stock markets closed lower last Friday. So far, U.S. and European stock markets have fallen for four consecutive weeks.

The warnings of performance from listed companies and the decline in U.S. consumer confidence highlights concerns about economic recovery and potential weak corporate performance in the second quarter. In addition, oil prices continued to decline, with U.S. crude futures falling below $60, triggering investors to sell some energy stocks.

"Although there is some positive news, the main concern is that we are still in recession." Alvett's list explains the current problems facing the US financial market to Andy.

“According to some data reflecting deflation obtained by think tanks, although commodity prices have fallen, demand has not rebounded, inventory has gradually decreased and unemployment has continued to rise.

The S&P 500 index closed from mid-March to a twelve-year low and rose by about 40%, but the index fell by 7% from its high on June 12. It is expected that the stock market will continue to fall for a period of time in the future, especially as the performance disclosure period moves forward, the company's results disappointed investors.

Last Friday, the trading volume of the New York Stock Exchange can also illustrate some problems. It was very light, with only more than 900 million shares, far lower than the average daily estimated trading volume of 1.5 billion shares last year. The number of rising and falling stocks on the New York Stock Exchange is."

Listening to Alvetlei introducing various data and analysis to himself, Andy browsed the financial data in his hand and nodded with satisfaction. Compared with the money he earned from buying at the bottom, he didn't care about the decline. Besides, the funds invested in stock index futures have long been withdrawn. Now most of the blue-chip stocks he holds are blue-chip stocks, and he is not prepared to move in a short period of time, so he doesn't care about the short-term rise and fall.

"Since the fluctuation and fall, then let's respond to changes with the same change." Andy closed the documents in his hand and placed them on the desk beside him. He needs to go back and check these financial data carefully. He will not be careless about his assets. Even if he believes that his think tank will not cheat him inside and outside, he must be clear about it.

"By the way, I just took the opportunity to adjust and continue to buy back Starbucks' shares. My ultimate idea is to complete the holding of more than 50% of Starbucks' shares, and to take full control. I attach great importance to Starbucks' future."

"I have never stopped repurchasing Starbucks stocks. I handed over this work to Badstone. After all, they can use short-term operations to wash the stocks, which can control the price of the stocks well, avoid too much bucking and causing some unnecessary troubles." Alvetlei reported.

Andy nodded, pondered for a moment, looked at Al with a serious expression and asked, "Al, what do you think of the retail industry? It's just supermarkets and convenience stores."

When Alvetle frowned when he heard his boss ask about this industry, he began to think quickly. Andy did not rush to disturb him, but quietly waited for his answer.

"The competition in the retail industry is very fierce, especially the entry threshold is not high. Therefore, there are not many retail companies that are truly profitable. In particular, the rise of e-commerce has had a huge impact on the traditional retail industry. The third largest retailer in the United States, the largest department store chain Jpeey, and Macy's, have all cut their share prices during this financial crisis. Correspondingly, the rapid development of the e-commerce giant Amazon.

Against the backdrop of the impact of e-commerce and the transformation of traditional retail stores, I do not think that entering the retail industry can bring much benefits to the boss. Instead, it will release funds, time and energy due to the increasingly fierce market competition. This is a bit unworthy of the loss. After all, the retail industry is not an industry where profits can be seen in the short term."

After hearing Al's analysis and opposition suggestions, the expression on Andy's face did not change much. It seemed that he had been mentally prepared for a long time and guessed Al's attitude towards this matter.

In fact, when he entered the retail industry, he already had this idea when he was staying at the foot basin. The long-lasting prosperity of the 7-11 convenience store really made him jealous. Although the memories of his previous life were at the peak of e-commerce, as his vision and knowledge became more and more, he also had a little different idea.

The current stage of Internet e-commerce is booming, and then the era of mobile Internet will usher in. The online + offline model will inevitably be the general trend in the future, and offline sales will inevitably return.

In fact, this is an inevitable result of business development. When the e-commerce industry breaks away from the barbaric era and begins to develop steadily, and competition among e-commerce companies becomes normalized, the e-commerce market will inevitably show a partial saturation. The most direct impact of the e-commerce market is the decline in market profitability, coupled with the growth of consumer willingness and offline profitability, offline sales will also become a general trend.

In fact, the retail industry has not undergone essential changes so far. The difference between new and old retail is actually the carrier of retail, and the objects of retail are constantly evolving.

To put it bluntly, the online and offline model of the e-commerce model mainly relies on price and traffic dividends. With the huge Internet demographic dividend, the traffic cost is greatly reduced, and online platforms sacrifice gross profit at the cost of eating users. However, with the migration of time, when one day, merchants and consumers become saturated, the traffic dividend no longer exists. The cost and gross profit of online e-commerce are almost the same as offline stores. When the prices of online and offline are similar, the advantages of e-commerce will no longer be, humans will once again dominate the transaction experience completed by themselves.

Don’t brag about anything from accurate recommendations to user analysis, what kind of Internet thinking is used to operate e-commerce, and arm it with data. To put it bluntly, when the price is the same, no thinking is useful, and no data is used. When the price is similar, offline consumption is the most fundamental and familiar consumption model. Instead of tedious waiting, unknown quality of goods, troublesome returns and exchanges, people will be more willing to see and touch products, and they will feel happier!

Of course, the premise of everything is that there is not much difference in price.

The core of the retail industry is nothing more than cost and efficiency. When the costs of online and offline come to the same starting line, when offline exhausts all means to improve efficiency and break through, the online life will be sad.

Well, it’s still a bit far to say this now. It will take at least ten to fifteen years to return to offline sales. After all, there is still a mobile Internet era that has just begun. The cold winter of offline sales is the current reality. From a macro perspective, the current retail industry is indeed quite sluggish, and physical stores around the world are facing a wave of closures.

"The stock market investment ratio that the think tank originally took out was 3% Costco and 1% Walmart. I understand Walmart, after all, it is the largest retailer in the United States. The introduction of this Costco at that time was that it relied on membership fees to make money. The price difference between selling goods can be very low, and some goods can even be sold at a loss-making mindset. Right?" Andy looked at Alvetre and asked.

"Yes, Costco is the largest chain of member-based warehouse-style sales in the world. This year it has also become the third largest retailer in the United States. Its business features are providing high-quality goods at low prices and fewer commodity items compared to its peers, while charging members an annual fee.

Costco initially provided services to small businesses, but later found that it would be more profitable to the company if it was optionally provided to individual members of some non-corporate companies.

Currently, Costco operates more than 452 stores worldwide, distributed in seven countries. There is no doubt that Costco is already the leader in warehousing and wholesale stores.

What our think tank values ​​is that members are the basis of all Costco's business logic. Whether it is to support operations with membership fees or reduce costs with large purchases, it requires a considerable membership scale. This is a long process, accumulating members and cultivating brands. A large number of members and extremely loyal members is the most solid barrier for Costco.

That's why we decided to suggest to our boss that we have purchased its shares, and its growth space is very large... "

"Then buy it!" Andy said suddenly with bright eyes and his eyes becoming extremely sharp.

:.:
Chapter completed!