we think gannett can be $20 or $30 in three or four years that's attractive. and varoom is the poster child for something we bought on ipo we sold a chunk. we should have sold all. it's down 8 0% in the last 12 months i think it's attractive. it trades at a huge discount to car car caravana with trades at twice revenue. this is half revenue it's about three our four years behind caravana. i was with the founder of the father of caravana, someone said some of us are holders of vroom and licking our wounds what do you say to that? he said there's a lot more room in the space than one company. he said it's a good management team and i think they'll be successful >> that's quite the vote of confidence as everybody gleaned. bill, i if can recast everything you told us the following way, you're bullish on the u.s. economy. you think the fed is basically going to get it right, but there is going to be volatility, a shift to value, some of the interesting different -- i mean, a value sort of summarizing how you feel before we let you go here correctly >> i hope the fe

now owns more than 200 newspapers, making it the country's second largest newspaper owner behind gannetttakeover and cuts have alarmed u.s. lawmakers. in 2019, 21 senators wrote to heath freeman asking him to abandon his "newspaper-killing business model." freeman, though, has doubled down. last year, alden made a play for tribune publishing, home to historic papers like "the baltimore sun" and "the chicago tribune." >> gary marx: this is an attack on our democracy. >> wertheim: gary marx and david jackson spent 30 years as investigative reporters at "the chicago tribune," a paper that has won 27 pulitzer prizes. >> marx: local and regional newspapers are so important to our communities, to holding our leaders accountable. they're not just going after some business that is trying to make money. >> wertheim: they admit the tribune had been crippled for years by bad management; but after seeing alden buy the "denver post" and then gut staff by 70%, the journalists were worried the hedge fund would do irreversible damage. so, what'd you do? >> marx: we fought back. that's what we did. dave

it stagnated during the previous presidency and under the anna code which -- the gannett co. pitch -- the presidency before that and it never really reached the status of a fully democratic state. thank you. >> ok. thank you. we will turn to tatiana. one more question directed at you from mikael, who asks whether you could imagine a federal model, constitutional, for ukraine that could make donbas willing to stay within ukraine, as in the ukrainian federation? >> thank you. i believe that special status for lugansk -- in the period between the euromaidan revolution at another. -- in kiev about the power and donetsk. i can imagine -- i cannot imagine where the local people in donetsk and lugansk and ukraine would control donbas and agree with that. i recommend you read my article, 50 shades of federalism, where this idea was explained in detail. >> thank you very much. next is alexi. maybe unmute. >> yeah. i am following the discussion with such pleasure. so the idea of federalization never had the support of ukrainians. maybe a very close period after 19 anyone peered after t

>> first of all, i congratulate jeff gannette and the team what a terrific year and quarter they've had for a couple of years. it's the retailers who have the strong balance sheet going to be able to invest in all those challenges supply chain and et cetera during the last two years while others were falling by the wayside, and macy's was one of those companies. home depot, wal-mart, target, i can go on and they have taken market share at the expense of probably the 75 retailers over the last two years who didn't have a strong balance sheet and have gone through bankruptcy or some sort of financial challenge. so -- so i'm not surprised i'm encouraged, but i'm proud of the team at macy's inc. for delivering on those promises >> just overall, what does the macy's business model need to look like for the future assuming that covid finally is in the rearview mirror it's never going to go back to where it was how many stores? what does the brick and mortar aspect look like what does the digital look like? what would be the perfect model now to succeed >> that's a great question, joe. and we'