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If I understand Bruce B. when he explains his Sears position he points more towards its value related to real estate. He downplays Sears business model as a retailer. This is kinda like a antiquated farm that has trouble being profitable milking it's cows but saying the land beneath the cows is where the real value is. Investors are looking for both and Sears doesn't execute both very well. Analyst don't seem to talk much about the income stream from property management nor it's real estate value which I imagine must be improving as most real estate is. Sears seems almost as lost in the retail world as Radio Shack and JC Penny.
Sears stock has done really well in 2012 (+45%) and 2013 YTD (+24%) per M*.
FAIRX holds 8.5% and FAAFX 7.6%. I thought those percentages were higher last year but I could be wrong. Did Berkowitz take profits and reduce Sears stock in his portfolios? Anyone know?
No, I don't know, but I thought Sears main appeal was its real estate. If Lambert is selling that off, the stock loses appeal. I assume Bruce B. is smarter than I am and I hope he has sold enough to compensate, since he has my biggest mutual fund holding.
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FAIRX holds 8.5% and FAAFX 7.6%. I thought those percentages were higher last year but I could be wrong. Did Berkowitz take profits and reduce Sears stock in his portfolios? Anyone know?