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Shares of Dillard's soar after Warren Buffett's deputy reveals stake

Shares of U.S.. department store Dillard’s jumped more than 40% after one of Warren Buffett’s investing lieutenants discloses a personal stake in the company. Yahoo Finance's Adam Shapiro reports.

Video Transcript

ADAM SHAPIRO: Dillard's, the Department store out of the South, shares are up right now more than 30%. This is on the news that one of Warren Buffett's lieutenants-- this would be, among them, Ted Weschler-- bought more than a million shares of Dillard's out of his own pocket. And when somebody who is as close to Warren Buffett and has the expertise that working at Berkshire Hathaway has is investing in a company like Dillard's, investors are paying attention.

I just want to let you know, though, a frequent guest on this program, Rick Helfenbein, who used to be the president of the American Apparel and Footwear Association, is a big fan of Dillard's. In fact, he was telling a couple of us here, hey, huge sale. You can get polo shirts at Dillard's for 10 bucks, and they usually sell for $50. That was two weeks ago. Still, the stock is probably a better investment than the polo shirt.