VersaillesinNY Posted February 5, 2014 Share Posted February 5, 2014 http://www.fairholmefunds.com/show_pdf.php?file=http://www.fairholmefunds.com/sites/default/files/596616-FAIRX_v4%20_C_updated.pdf#pagemode=bookmarks Bruce Berkowitz is still bullish on Sears: "Headlines shout of Sears’ disastrous 2013 loss of $12 per share. A longer history shows that since the merger of Sears with Kmart, about 9 years ago, Sears 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 Sears’ net assets exceeds $150 per share. If our research is accurate, we expect Sears’ market price of $38 to increase to this value over time. ------------ “Traditionally the investor has been the man with patience and the courage of his convictions who would buy when the harried or disheartened speculator was selling.” Benjamin Graham & David Dodd596616-FAIRX_v4+_C_updated.pdf Link to comment Share on other sites More sharing options...
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