Will Morrissett

Atlas Energy: More 'Criminally Undervalued' Than Cramer Realizes

Just curious: why not Long APL?

About Pinnacle Airlines, and Concentrated Risk

Great article. As an aside: the "3 year holding rule" is more of a suggestion than a law. He held RAIL for a quarter, maybe two.

Numbers Check on Sears Holdings - It's Cheap

How many parking lots can people observe? Does anyone else have a job? How much anecdotal evidence can one man or woman collect?

Numbers Check on Sears Holdings - It's Cheap

If you observe the comments following any Long-Sears article, it's very interesting. The longs typically discuss fundementals, balance sheets, assets vs. liabilities, and cash flow. The shorts bring up Jim Cramer, put words in Buffett's mouth, sight a local K-Mart, and discuss vauge opinions of nameless experts. It's an interesting study of behavioral finance.

Starbucks: Too Expensive

It's about time for this whole coffee trend to stop. Tea. That's the future.

Moron.

Can Hulu Replace TV?

I've stopped paying for cable.

Mannkind: Overlooked Biotech With Excellent Prospects (Part I)

Very nice. Thank you.

FreightCar America Derailed by Slowing Demand, Rising Costs

They produce the cars that haul single and double-stacked containers. They do not actually make containers.

Should We Buy the PetroChina Stock Buffett Sold?

In his most recent article, Jim Jubak describes the effect of price controls on oil in China. Page 3:
articles.moneycentral....

Unseen Value in Sears' Brands

SHC_Holder - I have no idea how those stats have changed. But, the most important thing to remember is that K-Mart locations are entirely different from Auto Zone locations. You raise an excellent point that doubling distribution means nothing if customers don't purchase. Although, I have to believe Auto Zone is far more effective at selling batteries than K-Mart.

LTholder- Well put.

Value Guy-Give me a day.

Man,this is fun.

Unseen Value in Sears' Brands

If you're an investor, the current economic environment is inconsequential. If anything, it provides a buying opportunity. Also, I don't disagree that their are issues in Sears Holding but if everything was perfect, we would have a $200 dollar stock.

On the landlord issue, I think you are over estimating the market saturation of some retailers. Lowe's has 1/2 the HD locations; Target has 1/5 the WalMart locations; Costco has 534 stores; Bj's 172. This doesn't even scratch the surface of grocers, including low-end (Super Valu, Food Lion) to high-end (Whole Foods, Fresh Market). And, the idea a big box can only be a big box lacks creativity. Off the top of my head, what about bowling alleys, car dealerships, furniture stores, or warehousing?

Those are options for the K-Mart stores, but the on-mall Sears locations have even more options: Macy's, Dillard's, Neman Marcus, JC Penny, Kohls, movie theaters, anything you can imagine. I don't spend enough time in malls to be more creative.

Through triple-net-leases these properties can offer some cashflow, free capital improvements, and less tax and utility expenses for Sears Holdings.

In regards to stock purchases, their is no mutually exclusive relationship between making investments via SHLD and raising more money for RBS/ESL funds. For example, this winter Sears made an effort to buy Restoration Hardware while RBS built its HD stake.

This isn't a rhetorical question: Where did the idea that 'K-Mart has poor locations' come from? I understand the upkeep has been minimal/poor but every K-Mart I see is on a main road in a urban/suburban area.

Thanks ValueGuy, this is fun. Sorry if I got mean in that last response. I was still annoyed by that first post by Idiotrod.

Unseen Value in Sears' Brands

Sears shouldn't sell any real estate. They can become landlords. That's another stream of perpetual cashflow. You've said, "In terms of real estate, it is only worth something if you can sell it." Then what the hell is the point of a REIT? Cashflow.
Real estate isn't real if you sell it. They can become landlords of companies like Target, Lowes, Kroger, and so on. So, obviously, real estate is worth something even when you don't sell. If you actually read the article, I mentioned you in paragraph one, "The ignorant and impatient regularly call for a fire sale of assets as if they have no on-going value." Pure selling of assets is no way to create permanent wealth.

As for the 2 and 25 charges, if Sears grows, Mr. Lampert's stake grows along side; so why wouldn't it be in his best interest to improve Sears through various investments and acquisitions? 2 and 25 means his fees equal 2% of assets and 25% of returns. How is that a disincentive to invest in a controlled Holding Company? Think about it. SHLD goes up in value, he makes more money.

Bruce Berkowitz on Sears Holdings

Hey, Idiotrod. Are you just going to post this on every Sears article? How does this help you in anyway? Get a job. Most people buy mutual funds so that they don't have to worry so much. Your whining is anything but constructive. Pansy.

Unseen Value in Sears' Brands

1- No one ever said that DieHard would save anything. Its a potential cash flow.

2- No attempt has been made to quantify this cash flow or the possible cashflow from real estae operations. The potential lies in how inexpensive the leases are and what potential lies in each individual property. Good luck 'quantifying' so many unknowable variables.

3- DieHard is a branded commodity like Hienze ketchup or GEICO insurance. All of these brands represent strong future cashflow.

4- Comparing SHLD to early BRK is the opposite of what this article said. Sears has strong assets that represent future cash flow if managed corectly. It is this potential cash that will allow for investments in the future.

5- Being Buffett-like has nothing to do with words on paper or quotes from interviews. It's action based. Lampert could write children's stories for all I care. And, his personal choices of clothing also have no bearing on the future of this company. Maybe, you could start and ETF of companies run by guys in wrinkled suits.

6- Also, you do realize that this isn't a FAIRX sounding board? Berkowitz doesn't care about your analysis of annual letters and Business Week articles.

7- Notes: Buffett actually ran several floundering businesess including Saloman Brothers. Maytag was aquired by Whirlpool. You have done no actual analysis of Sears. I ate a PBJ for lunch today; am I going to be rich? Thanks for the comments Idiotrod.

Sears Holding's Lampert Continues Great Brand Lineup

It's interesting to note that Snapper left WalMart last year because they didn't believe in lowering the price and subsequent quality of the product. I'm sure they were desperate for a national retailer and posed a great value to Sears.