Will Morrissett's Comments RSS Syndication from SeekingAlpha.com http://seekingalpha.comuser/128704/comments http://seekingalpha.com/article/92144/comments?source=feed#comment-236758 236758 Fri, 22 Aug 2008 15:53:47 -0400 http://seekingalpha.com/article/91257/comments?source=feed#comment-232045 232045 Sat, 16 Aug 2008 16:30:08 -0400 http://seekingalpha.com/article/85422/comments?source=feed#comment-208045 208045 Thu, 17 Jul 2008 16:08:16 -0400 http://seekingalpha.com/article/85422/comments?source=feed#comment-207620 207620 Thu, 17 Jul 2008 09:33:05 -0400 http://seekingalpha.com/article/85195/comments?source=feed#comment-206833 206833
Moron.]]> Wed, 16 Jul 2008 10:21:56 -0400
Moron.]]> http://seekingalpha.com/article/81514/comments?source=feed#comment-186767 186767 Mon, 16 Jun 2008 20:09:28 -0400 http://seekingalpha.com/article/80475/comments?source=feed#comment-181383 181383 Sun, 08 Jun 2008 13:59:13 -0400 http://seekingalpha.com/article/78048/comments?source=feed#comment-170470 170470 Tue, 20 May 2008 10:15:21 -0400 http://seekingalpha.com/article/69825/comments?source=feed#comment-131039 131039 articles.moneycentral....
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]]> http://seekingalpha.com/article/68377/comments?source=feed#comment-126773 126773
LTholder- Well put.

Value Guy-Give me a day.

Man,this is fun.]]> Sat, 15 Mar 2008 00:02:22 -0400
LTholder- Well put.

Value Guy-Give me a day.

Man,this is fun.]]> http://seekingalpha.com/article/68377/comments?source=feed#comment-126351 126351
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.]]> Fri, 14 Mar 2008 07:48:23 -0400
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.]]> http://seekingalpha.com/article/68377/comments?source=feed#comment-126231 126231 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. ]]> Thu, 13 Mar 2008 20:09:43 -0400 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. ]]> http://seekingalpha.com/article/66995/comments?source=feed#comment-126225 126225 Thu, 13 Mar 2008 19:45:45 -0400 http://seekingalpha.com/article/68377/comments?source=feed#comment-126043 126043
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.]]> Thu, 13 Mar 2008 13:13:36 -0400
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.]]> http://seekingalpha.com/article/59663/comments?source=feed#comment-109408 109408 Thu, 10 Jan 2008 11:04:10 -0500 http://seekingalpha.com/article/56268/comments?source=feed#comment-104589 104589 Sat, 08 Dec 2007 11:15:43 -0500