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Shares of department store Dillard’s are surging close to 30% on Monday after a regulatory filing revealed that Ted Weschler, one of the highest ranking money managers at Warren Buffett’s storied conglomerate and investment vehicle, Berkshire Hathaway, owns a nearly 6% stake.

Key Facts

Released just minutes after the market-close on Friday, a filing with the Securities and Exchange Commission revealed that Ted Weschler, a Berkshire money manager who many believe could be the firm’s next chief investment officer, acquired shares in late September that pushed his personal holdings past the 5% ownership threshold required for public disclosure. 

Weschler now owns 1,081,000 shares of Little Rock, Ark.-based Dillard’s–equal to roughly 5.89% of the firm’s shares outstanding, the filing notes. 

Shares of Dillard’s soared as much as 40% on Monday, pushing the firm’s market capitalization well past $1 billion, and settling at about $55 per share as of 3 p.m. EDT, about 30% higher than Friday’s closing prices.

Dillard’s stock is still down nearly 22% for the year, but the retailer is now doing much better than its peers: The S&P 500 Department Stores Index is down about 54% in 2020.

Public filings show that Weschler also has substantial personal stakes in healthcare company DaVita and Liberty Media Corp, which owns stakes in SiriusXM, the Atlanta Braves and Formula One; both are firms in which Berkshire also has large stakes.

Berkshire has no reported stake in Dillard’s.

Key Background

Like other department stores this year, Dillard’s has been slammed by the coronavirus pandemic. Total sales in the firm’s most recent quarter dropped by 35% year-over-year to $945 million, which was in line with expectations, but the firm’s loss in the quarter, of 37 cents per share, was more than 90% better than Wall Street expected. Wedbush analysts

The family of a man shot and killed by a sheriff’s office deputy in Immokalee is raising money for a burial in Mexico, according to the Coalition of Immokalee Workers.  

911 call: Officer-involved shooting in Immokalee

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Nicholas Morales-Bessannia, 37, was shot by a deputy around 1:15 a.m. Sept. 17 outside a home in the Farm Workers Village neighborhood in Immokalee.   

Three Collier County Sheriff’s Office deputies were first dispatched to the scene after a woman called 911 because a man was outside her home on Edenfield Way with a shovel trying to get inside, according to audio of a 911 call released by the sheriff’s office.    



a group of smiling children posing for the camera: Nicholas Morales-Bessannia is pictured with his son.


© Photo courtesy of Jesus Marquez
Nicholas Morales-Bessannia is pictured with his son.

Morales-Bessannia was “charging toward” deputies with a weapon in his right hand raised before he was shot, according to the sheriff’s office.   

In statement released Monday, the Coalition of Immokalee Workers called the man’s death “shocking and unnecessary.”  

Previous coverage: Sheriff’s office releases additional information after Immokalee man shot and killed by deputy

More: Immokalee man shot and killed by Collier deputy was single father, longtime farm worker

More: 911 call audio: Woman says man killed by Collier deputy tried to enter her Immokalee home

More: Collier County Sheriff’s Office: Deputy shoots, kills Immokalee man who was holding a shovel

“We are working closely with Nicolas’s family to seek justice, both for the family and for our community, and we are also finding ways to support the family’s immediate needs, particularly those of Nicolas’s son, in this difficult time,” the statement reads.  

The coalition in its statement linked to a GoFundMe page set up to help support the man’s son and to raise money so that Morales-Bessannia can be buried in his family’s home of