As most posters know I am big on research before buying. Well here is an example of lack of research that may be of use to all traders/investors. Whilst I ran all the external available numbers on MYR (Myer) & even made comparisons to DJS (David Jones), the most important bit of research would have been visiting the stores before buying MYR. Well, today I visited the Myer Doncaster store & went looking for books. The sign at the front of the display say 35% off RRP, but after picking up over 6 books with NO prices marked I assisted a Myer assistant who say I could obtain the price by going to the counter. The thought of standing in a queue to find out a price didn't appeal, but when I did finally find a priced book & purchased it there were no queues (now starting to realize why). I asked several older shop sales assistants about the pricing method who promptly suggested I take it up with a manager (I think they were glad to have someone complain). A young manageress listened to my complain & even acknowledge she owned Myer shares (unfortunately not as many as myself because she would have understood what I was talking about)then asked which book I wanted a price on? She just didn't seem to know or was aware the majority of books weren't even priced! Yes costs can be cut in retailing but surely pricing items is Retailing 101 stuff. The message is simple, why didn't I do the most important research first & then look at figures after if I was still interested. Regards Buffett PS Hope MYR bounce soon as I don't need an expensive lesson in basic research method, as the lesson has been learnt.
MYR Price at posting:
$3.66 Sentiment: None Disclosure: Held
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