Finally: Pulling Back the Curtain at Sears Holdings
Almost since the inception of this virtual column, we’ve poked a lot of fun at Sears Holdings—even during the good times, when “SHLD” was a high-flying stock thanks to the notion that investors should forget the stores were a mess and the customer base was a dying demographic, because the real estate beneath those stores was of inestimable value—value that would somehow, someway, be realized by the mastermind of the whole thing, Eddie Lampert, who had famously created scads of shareholder value for others and himself with AutoZone.
You can read why it was clear that Sears was no AutoZone, here, here and especially here. (Just for fun, read some of the comments appended to each of those columns…it will refresh your memory as to the kind of dreams anxious shareholders kept clinging to, because they didn’t appreciate anyone raining on their parade one bit.)
In any case, finally, somebody has gone behind the curtain at Sears Holdings and revealed what was behind that curtain all along.
That somebody who went behind the curtain is Mina Kimes of Bloomberg, and the resulting story is so well done, and so compelling, you ought to stop reading this and starting reading that, which you can do here.
As they say, enough said.
Author “Warren Buffett’s Successor: Who It Is And Why It Matters”
(eBooks on Investing, 2013) $2.99 Kindle Version at Amazon.com
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