Money and Finance
- Links
Eddie Lampert's 2015 letter to Sears shareholders (LINK) Banks Brace for Potential Energy Losses (LINK) Farnam Street: James Cash Penney and the Golden Rule (LINK) Did the Universe Have a Beginning? (LINK) Book of the day [H/T Derek Sivers]:...
- Eddie Lampert's Letter To Sears Shareholders
Link to: Eddie Lampert's Letter to Sears ShareholdersI am writing to you after my first full year serving as both your Chairman and Chief Executive Officer. While our financial results remain challenged, 2013 may have been the year that justifies...
- Bronte Capital: Sears Holdings Liquidation Sale
The case made below about a liquidation valuation not being the best way to look at Sears because of the large number of employees is similar to the points made by Mohnish Pabrai at the Pabrai Funds Chicago Annual Meeting earlier this year. A good item...
- A Storied Name On Sale?
Likewise, Sears' business is getting short shrift, as some of Lampert's restructuring efforts are likely to bear fruit. Too, the retailer's real estate has considerable value that is not reflected in the stock. Add up this real estate, valuable...
- The Harder Side Of Sears
In picking a new CFO from the banking industry, hedge-fund manager Eddie Lampert places an emphasis on a finance department driven by hard data and quantititive analysis.-Also of note, Mr. Lampert is buying back a bunch of stock. ...
Money and Finance
At Sears, Eddie Lampert's Warring Divisions Model Adds to the Troubles
Every year the presidents of Sears Holdings’ (SHLD) many business units trudge across the company’s sprawling headquarters in Hoffman Estates, Ill., to a conference room in Building B, where they ask Eddie Lampert for money. The leaders have made these solitary treks since 2008, when Lampert, a reclusive hedge fund billionaire, splintered the company into more than 30 units. Each meeting starts quietly: When the executive arrives, Lampert’s top consiglieri are there, waiting around a U-shaped table, according to interviews with a half-dozen former employees who attended these sessions. An assistant walks in, turns on a screen on the opposite wall, and an image of Lampert flickers to life.
The Sears chairman, who lives in a $38 million mansion in South Florida and visits the campus no more than twice a year (he hates flying), is usually staring at his computer when the camera goes live, according to attendees.
The executive in the hot seat will begin clicking through a PowerPoint presentation meant to impress. Often he’ll boast an overly ambitious target—“We can definitely grow 20 percent this year!”—without so much as a glance from Lampert, 50, whose preference is to peck out e-mails or scroll through a spreadsheet during the talks. Not until the executive makes a mistake does the Sears chief look up, unleashing a torrent of questions that can go on for hours.
- Links
Eddie Lampert's 2015 letter to Sears shareholders (LINK) Banks Brace for Potential Energy Losses (LINK) Farnam Street: James Cash Penney and the Golden Rule (LINK) Did the Universe Have a Beginning? (LINK) Book of the day [H/T Derek Sivers]:...
- Eddie Lampert's Letter To Sears Shareholders
Link to: Eddie Lampert's Letter to Sears ShareholdersI am writing to you after my first full year serving as both your Chairman and Chief Executive Officer. While our financial results remain challenged, 2013 may have been the year that justifies...
- Bronte Capital: Sears Holdings Liquidation Sale
The case made below about a liquidation valuation not being the best way to look at Sears because of the large number of employees is similar to the points made by Mohnish Pabrai at the Pabrai Funds Chicago Annual Meeting earlier this year. A good item...
- A Storied Name On Sale?
Likewise, Sears' business is getting short shrift, as some of Lampert's restructuring efforts are likely to bear fruit. Too, the retailer's real estate has considerable value that is not reflected in the stock. Add up this real estate, valuable...
- The Harder Side Of Sears
In picking a new CFO from the banking industry, hedge-fund manager Eddie Lampert places an emphasis on a finance department driven by hard data and quantititive analysis.-Also of note, Mr. Lampert is buying back a bunch of stock. ...