Shaun Currie, CFA
Long/short equity, hedge fund analyst, momentum

Sears Holdings: Valuing The Spin-Off Pieces

Now that ESL has sold some of their shares due to redemptions, investors have the ability to short the stock at a better borrowing cost. So the question investors then ask is: What can I lose on the upside? There has been a lot of talk surrounding the value inside of Sears Holdings (NASDAQ:SHLD). The story starts with the real estate, which has been reviewed at length, and which I believe is highly correlated with the performance of the actual stores (the top real estate pieces are the top performing locations). Additionally, I will point out that even though Dick's Sporting Goods (NYSE:DKS) just leased a portion of the Sears location at the King of Prussia...

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