Davidowitz & Associates Chairman Howard Davidowitz discussed his outlook for Wal-Mart and other North American retailers this morning on Bloomberg. The same Wal-Mart that this morning halved its fiscal year 2016 sales growth forecast to 1 and 2% from the 2 to 4% they had estimated in October, citing the strong U$ as cutting their profits). Here is a direct video link.
The other guest is Citi Research North America Economics Head William Lee (another quintessential academic turned sell side economist, who worked at the Fed and then parlayed that into a revolving door to a sweet Wall Street gig at Citi– the same Citi that has sequentially bankrupted itself and has been bailed out by taxpayers, and thus lives to give us all confident financial advice!). In a previous segment, Davidowitz offered a much deserved dig to Lee and his ilk when he pointed out that over the past 6 years, the policies recommended by “pin-headed professors” “have doubled the debt and doubled poverty”. But other than that, of course, they are brilliant minds!! For a giggle, you can see the first clip here.