Circle of Competence

The results for Sears’ (SHLD) second fiscal quarter are now out and, for most people, they are not very pretty.  Year over year sales declines, net income down, lowered guidance.  These things are, in essence, death to any retailer, or any publicly traded corporation for that matter.
Here are some headlines I read this morning:
Sears Falls [...]

Note 5/20/08:
Based on the excellent comments and questions coming in below, I want to make this clear: I am agnostic as to how Sears achieves it success and valuation.  This column was not to argue the merits of retail, or to even suggest that I am betting on a retail turnaround for Sears, merely what [...]

Just wanted to drop a couple of quick notes on two portfolio companies, Steak N Shake and Sears Holdings.
Re: Steak N Shake, they filed the 8-k today regarding the election of Sardar Biglari to Chairman, a move we mentioned last week.
In the filing, there is a small, but noticeable governance issue that has been resolved, [...]

Last week, I argued why Eddie Lampert’s current strategy for investing Sears’ capital was rational. This week, I’d like to write a little about why the future is bright as well.
With all the nonsense media hullabaloo over Sears’ awful fiscal first quarter, I thought it might be nice to put the whole situation in [...]

I read an article called “Sears majesty to hedge-fund dust” at the behest of a reader on the gurufocus message boards, and I have to say it is one of the most uninformed and incomplete articles I’ve ever read. There are so many misguided and shallow statements that it’s hard to know where you’d [...]

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I read an article called “Sears majesty to hedge-fund dust” at the behest of a reader on the gurufocus message boards, and I have to say it is one of the most uninformed and incomplete articles I’ve ever read. There are so many misguided and shallow statements that it’s hard to know where you’d [...]