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I understand Berkowitz' position related to the value of Sears' properties (land and other), but I've always thought the public would never look at Sears that way.
And with that action today, SHLD becomes the leader of the FAIRX portfolio YTD at +8.6%.
I believe you got this figure from M* and their "Holdings" tab. However, I don't believe M* is correct when they list SHLD as being +8.6% YTD. SHLD closed on 12/31/2013 at $49.04, and opened 1/2/14 at $49.05 Today it closed at $34.96 However, they must have had some dividend or split, as Yahoo Finance lists the "adjusted close" (adjusted for dividends and splits) on 12/31/13 as $39.31/share
So the "adjusted close" went from $39.31 to today's close of $34.96 Looks like an 11.07% loss YTD
Looking at it another way, based on what M* said about SHLD YTD data after Friday's close [down 28.5% YTD per M*], then factoring in today's change, it looks like a 12% loss YTD.
So either -11.07% YTD if you trust Yahoo Finance adjusted closing price data, or -12% YTD if you trust M*'s YTD data from Friday........but M* has this incorrect on their "holdings" tab of FAIRX regarding SHLD YTD performance
Screenshot of FAIRX holdings, showing the +8.7% figure, error by M*
I just called M* and let them know about the data error. I suspect they will have this corrected soon.
Regarding the big difference between the closing price of SHLD on 12/31/13 and 1/2/14, and the "adjusted closing price" shown in Yahoo Finance. I believe that may have had to do with spinning off Lands' End stock.
How long can this self-canabalizing effort go on? Apparently the first loan was not enough? That was for purchasing product for the Christmas season which is late in the game for a retail store. Perhaps vendors wanted more visibility beyond Christmas?
After all this effort to fund the company so they can stock up, what if the shoppers avoid Sears?
Comments
However, I don't believe M* is correct when they list SHLD as being +8.6% YTD.
SHLD closed on 12/31/2013 at $49.04, and opened 1/2/14 at $49.05
Today it closed at $34.96
However, they must have had some dividend or split, as Yahoo Finance lists the "adjusted close" (adjusted for dividends and splits) on 12/31/13 as $39.31/share
So the "adjusted close" went from $39.31 to today's close of $34.96
Looks like an 11.07% loss YTD
Looking at it another way, based on what M* said about SHLD YTD data after Friday's close [down 28.5% YTD per M*], then factoring in today's change, it looks like a 12% loss YTD.
So either -11.07% YTD if you trust Yahoo Finance adjusted closing price data, or -12% YTD if you trust M*'s YTD data from Friday........but M* has this incorrect on their "holdings" tab of FAIRX regarding SHLD YTD performance
I just called M* and let them know about the data error. I suspect they will have this corrected soon.
Regarding the big difference between the closing price of SHLD on 12/31/13 and 1/2/14, and the "adjusted closing price" shown in Yahoo Finance. I believe that may have had to do with spinning off Lands' End stock.
After all this effort to fund the company so they can stock up, what if the shoppers avoid Sears?