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Barron's Streetwise

Turnaround Talk with Best Buy's Former CEO

Barron's Streetwise

Barron's

Business

4.71.6K Ratings

🗓️ 7 May 2021

⏱️ 25 minutes

🧾️ Download transcript

Summary

How Hubert Joly brought the electronics chain back from the brink. Plus, UBS strategist Evan Brown on rising inflation. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0

This episode is brought to you by Kraken.

0:03.0

Crypto is like finance, but different.

0:06.6

It doesn't care when you invest, trade or save, do it on weekends, or at 5 a.m., or

0:12.7

on Christmas Day at 5 a.m.

0:15.2

Crypto is finance for everyone, everywhere, all the time.

0:19.5

Visit Kraken.com slash see what crypto can be, to learn more.

0:23.0

Don't invest unless you're prepared to lose all the money you invest.

0:25.7

This is a high risk investment and you should not expect to be protected if something

0:28.9

goes wrong.

0:31.9

Everybody was telling me cut, cut, cut.

0:34.2

The usual recipe.

0:36.5

And you bet you're going to have to close stores and fire people.

0:39.3

I'm sorry, all of the stores are profitable.

0:41.9

Why would that be a good idea?

0:44.0

So it was a people-centric turnaround listening to the frontliners, building the right team.

0:50.1

From a lever standpoint, grow revenue first.

0:54.2

It's amazing what grows can do.

0:57.7

Welcome to the Baron Street wise podcast, I'm Jack Howe.

1:01.6

The voice he just heard, that's Hubert Jolie.

1:05.1

He teaches business administration at Harvard Business School, but he's better known as

1:10.1

the guy who turned around Best Buy and multiplied the value of its shares in the process.

1:16.1

In a moment, we'll hear from Hubert about how to go up against Amazon and survive.

...

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