$DDS · The Acquirers Podcast · 2026-11-05
DDS 并非出色的零售商，零售业也很艰难，但说话者喜欢它简单有效的现金牛计划：由于市场预期其终将走向终结，股价便宜，DDS 持续注入现金并回购股票，他倾向于参与；他在 Dillard's 上做得不错，称其算得上某种成功，并看重其应对低迷的能力。
逐段跳播
是的，我在Dillard's上做得不错，它也是那种我认为算不上优秀零售商的其中一家。他们在应对低迷方面做得非常好，这正是我作为对深度价值投资感兴趣的人会做的事，而许多现代成长型投资者不会这么做。
我不介意那些正经历轻微低迷、或者正通过股票回购以类似清算的方式被经营的公司。所以，如果它处于“现金牛”或轻微低迷的阶段——我总是把Autozone和Oryles当作两个非常好的例子——那么投资组合里总是充满这类非常便宜的公司，因为大家都看到终点还没到，但总会有那么一刻它就行不通了。
于是，他们继续疯狂地回购股票，你可以看看这些公司的股价走势图。它非常出色。而且随着时间推移，它们的表现都非常好。Dillards也不例外；尽管所有人都知道这个问题，他们仍继续注入现金并回购股票。
这是一个非常简单的商业计划，但非常有效。这是我很喜欢的一个计划，我也倾向于参与其中。所以，Dillard's算是取得了一些成功，但零售行业很难做，
Yes, I did well at Dillard's, which is one of those companies that I don't think is a great retailer either. They were very good at managing the downturn, which is something I do as someone interested in deep value investing, something many modern growth-minded investors don't do.
I don't mind companies that are going through a slight downturn or that are being managed in a liquidation-like fashion through share buybacks. So, if it's in the "cash cow" or slight downturn phase, and I always think of Autozone and Oryles as two very good examples of that, then investment portfolios are always full of these types of companies that are very cheap because everyone sees that the end is not yet here, but there will come a moment when it won't work.
Thus, they continue to buy back shares like crazy, and you can take a look at the stock price charts of these companies. She is exceptional. And they all perform very well over time.
Dillards is no exception; despite everyone knowing about the problem, they continue to inject cash and repurchase shares. It's a very simple business plan, but very effective. It is a plan that I like very much, and I am inclined to participate in it.
So, Dillard's was somewhat successful, but the retail sector is tough,