Money and Finance
- Eddie Lampert's Letter To Sears Shareholders
The retail industry is complex and changing rapidly. But, it's not just retail. Many industries are going through a transformation driven by information technology—financial services, newspapers and magazines, books, music, movies, healthcare, you...
- 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...
- Eddie Lampert's Letter To Sears Shareholders
If one owns 10% of a company, or 1% of a company or .0000001% of a company, what matters is how that investment fares over time. A company worth $1 billion that doubles in value to $2 billion only doubles an owner’s investment if the number of shares...
- A Bargain Hunter Stands Tall
KIPLINGER'S: What were you doing as the markets gyrated so dramatically in the fall?- BERKOWITZ: Although the fall in stock prices hurt our performance, it has been a blessing. We've been buying companies at prices that even when I was in my most...
- Eddie Lampert's Letter To Shareholders
I would like to start off this letter in a rather unconventional way by congratulating the New York Giants, led by their young quarterback Eli Manning and by head coach Tom Coughlin, for winning the Super Bowl earlier this month. This was quite an upset...
Money and Finance
Eddie Lampert Issues Letter to Sears Associates
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 significantly to our pension plans for our past and future retirees and repurchasing over $3 billion of our shares.
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Retail is a fickle business. Nevertheless, like any other business, by focusing on the long term, making decisions based on facts and logic, and appreciating that all decisions are based on many possible future scenarios, companies can navigate the ups and downs of the economy and the stock market to create long term value for their shareholders. That is our focus, and our goal, at Sears Holdings. We will take the actions we believe are necessary to drive value over the long term and manage the business closely and opportunistically in the short term.
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We thank you for your hard work and are committed to working to deliver better results in the future. Remember, not everybody likes rooting for the underdog. It is up to us to earn their respect by our performance on the retail playing field.
We thank you for your hard work and are committed to working to deliver better results in the future. Remember, not everybody likes rooting for the underdog. It is up to us to earn their respect by our performance on the retail playing field.
- Eddie Lampert's Letter To Sears Shareholders
The retail industry is complex and changing rapidly. But, it's not just retail. Many industries are going through a transformation driven by information technology—financial services, newspapers and magazines, books, music, movies, healthcare, you...
- 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...
- Eddie Lampert's Letter To Sears Shareholders
If one owns 10% of a company, or 1% of a company or .0000001% of a company, what matters is how that investment fares over time. A company worth $1 billion that doubles in value to $2 billion only doubles an owner’s investment if the number of shares...
- A Bargain Hunter Stands Tall
KIPLINGER'S: What were you doing as the markets gyrated so dramatically in the fall?- BERKOWITZ: Although the fall in stock prices hurt our performance, it has been a blessing. We've been buying companies at prices that even when I was in my most...
- Eddie Lampert's Letter To Shareholders
I would like to start off this letter in a rather unconventional way by congratulating the New York Giants, led by their young quarterback Eli Manning and by head coach Tom Coughlin, for winning the Super Bowl earlier this month. This was quite an upset...