The Best One Yet
📉 “Another Big Short” — Michael Burry’s Voldemort bet. TJ Maxx’s all-time high. Fogo de Chao’s group dinner.
Aug 17, 2023
Michael Burry, legendary investor known for making billion-dollar bets against the housing market, discusses his recent $1.6 billion bet against the stock market, restaurant economics favoring groups, and the risks of debt in the US economy.
19:45
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Quick takeaways
- TJ Maxx's stock reached an all-time high due to its successful business model of offering discounted clothing and benefiting from excess inventory and customers from struggling retail giant Target.
- Fogo de Chao's focus on group dining experiences and unique offerings has allowed it to generate twice as much revenue per restaurant compared to other steakhouses, leading to its recent $1.1 billion sale.
Deep dives
TJ Maxx profits from Target's inventory and customers
TJ Maxx's stock reached an all-time high as the company benefited from receiving excess inventory and customers from struggling retail giant Target. TJ Maxx's business model, based on offering discounted clothing and other items bought as leftover inventory from premium retailers, proved successful as sales jumped 8% and profits increased by 23% last quarter. This trend is expected to continue as Target's lower sales and consumers' preference for bargains drive them to shop at TJ Maxx.
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