Edward S. Lampert, billionaire and hedge fund manager, arrived at the Recession about six months late. The chairman of zombie retailer Sears (SHLD) "said the...
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Yesterday, Sears Holdings announced our results for the third quarter of 2007. While we were not pleased with these results, much of the commentary in the media and on Wall Street following the results ignores the strength of our company and the progress that we have made. In fact, over the past several years, we are one of the few retail companies that have actually reduced our overall debt levels, while at the same time investing over $1 billion on capital expenditures, making investments in inventory for our customers, contributing signific
The following are remarks from Eddie Lampert, Chairman of Sears Holdings (SHLD) to a conference held at the Third Avenue Mangement Investors Conference in 2003. It should be noted that this is prior to the Sears aquisition that created the Sears Holdings we today know. It should also be noted that Third Avenue was also a large investor in Sears along with Lampert. His insights into the Kmart deal almost creates the bluprint for the reasoning of the Sears one. These items are so informative...
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In September last year I bought shares of then Citigroup, now just Citi (C). I bought them because at the time they were trading at about 10 times earnings and had a dividend yield of over 4%. I paid $48 and change a share and then turned around it would appear and sold to them to greatest value investor of my generation, Eddie Lampert in December for $54 a share and a 12.5% gain in roughly 3 months. So why am I upset?
I am upset because I seem to have had this almost pathological inability...
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Last weekend I listed what I thought were the notable comments from Warren's letter to the Berkshire Hathaway shareholders. Since I have entrusted the largest portion of my personal portfolio to Eddie Lampert at Sears Holdings, I ought to post the important "notables" from his.
Retail Operations
"Lands’ End had a record year in profitability in its traditional business (i.e., catalog, online, and inlet stores). In addition, we saw a significant improvement in the profit performance of Lands’ End merchandise in our Sears stores. With a new leadership team and a more integrated approach to working across Sears Holdings, the business is moving in the right direction. Our customers are embracing the opportunity to buy Lands’ End quality merchandise in our stores, on the phone, and on the Internet, and we are working hard to make Lands’ End available across more of the chain."
If anyone has seen the Land's End "store in a store" concept in Sears, it is a real winner. I am fast
