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Lampert's Letter


snailslug
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That was some letter.  Out of all the figures out there and other than his long-term record, the investing public knows very little about him.  I think some of that personality is coming out. 

 

SHLD results aren't all that bad, I imagine as the leases are non-renewed for the unprofitable locations, things will change.  FCF was pretty good, continues to shrink the share base.  Servicelive is an interesting idea, so is MyGopher.  Berkowitz says all he has to do is "buyback and the game is over" and with 505M left, I can imagine another 10M shares will be retired 2009.  (what are the shorts thinking here?)

 

And he does understand what he's doing  In fact, if you scan all the areas of the market and read the earnings reports and CC's, the only sector with relatively good results has been the Auto Parts retailers (AZO, ORLY, AAP), most are within 10% of their respective 52-week highs.  About a year ago, the average age of vehicles on the road was 7 years I believe, with the problems in Detroit and Credit availabilty, the number I've heard thrown around is 9 years.  Sears Auto service, AN, and AZO do it yourself model, lets just assume for our sake this is within his circle of competence.

 

 

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