Edward Lampert had a lot to write to Sears shareholders: "We are a learning company that analyzes, tests, and adapts as appropriate. While we are clear on our vision, we recognize the importance of being flexible and quick to change if the situation warrants. We will not rely on a single grand strategy, but will respond to customer desires and market opportunities..."
"As a long-term value investor, I am constantly on the lookout for situations in which the conventional wisdom of the commentators and experts is incomplete. There are many such examples, and those are the situations that produce real opportunities. I will not dwell here on the many instances where the "conventional wisdom", for example, the view that Kmart would neither emerge from bankruptcy nor survive its first Christmas as a new company in 2003 ¨C has turned out to be only "conventional" and not at all "wisdom" I will simply say that I am pleased with the progress we are making at Sears Holdings. We are hiring great people, creating a winning culture, and focusing relentlessly on profitability. We have accomplished much in eight months and have a long way to go. We will continue to get better, which also entails recognizing the mistakes we make and correcting them..."
http://www.searsholdings.com/invest/
"As a long-term value investor, I am constantly on the lookout for situations in which the conventional wisdom of the commentators and experts is incomplete. There are many such examples, and those are the situations that produce real opportunities. I will not dwell here on the many instances where the "conventional wisdom", for example, the view that Kmart would neither emerge from bankruptcy nor survive its first Christmas as a new company in 2003 ¨C has turned out to be only "conventional" and not at all "wisdom" I will simply say that I am pleased with the progress we are making at Sears Holdings. We are hiring great people, creating a winning culture, and focusing relentlessly on profitability. We have accomplished much in eight months and have a long way to go. We will continue to get better, which also entails recognizing the mistakes we make and correcting them..."
http://www.searsholdings.com/invest/
