To say I like books is an understatement. Besides the joy of reading them, I like the bookstore experience. Perusing the shelves, selecting some books and magazines, and retreating to a cozy corner of the store with a drink. The bookstores also provide a safe social environment as well as the opportunity to attend lectures, author presentations, and mini musical concerts. In short, the bookstores provide a couple hours of inexpensive entertainment. I can’t get this kind of satisfaction viewing books on my computer screen.
This is why I’ve always favored the bookstores over Amazon.com. I bought shares of Borders Group (BGP) a couple weeks ago. I think it’s a value play and I think CEO George Jones’s plans will start paying off next year. It can be a positive sign when a stock shows insider buying. CEO Jones bought an additional 50,000 shares on Friday for the second time in less than two months, and William Ackman’s Pershing Square Capital has increased its stake to 17% from 12%.
Amazon.com plays an important role in the book world, but it’s missing the fun factor and the instant gratification of getting your purchases now.
Wall Street Journal: "Bill Ackman: Book Browsing?"