Return on Capital

The Shipping Wars: FedEx Et. Al.

Introduction FedEx is the quintessential American corporation; or rather, its founder, Frederick Smith, is the quintessential American businessman. A former U.S. Veteran, Frederick Smith founded FedEx after leaving the Marine Corps in 1969 (I should add, after receiving the coveted Silver Star, the third highest decoration for valor in the U.S. Military) with a $4 …

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Carmax and the Struggle of Small Dealers

Introduction Circuit City is no more but its legacy lives on. CarMax was formed as a subsidiary of Circuit City in 1993. How and why an electronics retailer expanded into used car reselling is anyone’s guess, but as I will try to discuss at length, CarMax’s future will not follow the demise of its predecessor. …

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