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Holly LaFon
Holly LaFon
Articles (7135) 

Bruce Berkowitz Comments on Sears Holdings

February 10, 2014 | About:

Headlines shout of Sears (NASDAQ:SHLD)' disastrous 2013 loss of $12 per share. A longer history shows that since the merger of Sears with Kmart, about 9 years ago, s ears has distributed over $66 of cash per share via buybacks and spin-offs and has paid down $27 per share of a pension liability that is no different, in our view, from debt. Fairholme research estimates that the fair value of s ears' net assets exceeds $150 per share. If our research is accurate, we expect s ears' market price of $38 to increase to this value over time.

From Bruce Berkowitz (Trades, Portfolio)'s fourth quarter shareholder letter.


Rating: 4.6/5 (10 votes)

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GuruFocus has detected 6 Warning Signs with Sears Holdings Corp $SHLD.
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