Comments on: Fast Eddie Lampert Bets on Housing, Mortgages

By: Sami

Sami — Fri, 13 Jun 2008 18:53:18 +0000

tough crowd to impress.

I guess being a billionaire and one of the best performance track records in investing is not enough to impress you guys.

By: Chester White

Chester White — Fri, 13 Jun 2008 13:43:51 +0000

“Recently, the Greenwich, Conn., hedge fund, which controls investments it valued at about $11.6 billion in its most recent government financial report, began picking up shares in hard-hit housing-related stocks….At recent prices, the stakes in the two home builders are valued at $10.4 million and $10.8 million, respectively.”

WOW, a .2% commitment! What balls that man has! What an ice-in-the-veins plunger!

Excuse me while I take a serious flyer by sinking $25 into Google stock.

Gimme a friggin’ break.

By: jay

jay — Thu, 12 Jun 2008 22:52:48 +0000

Eddie really knows retail.

Lowe’s – http://www.lowes.com/lowes/lkn?action=productDetail&productId=48585-83-JP328WKWW&lpage=none

Home Depot – http://www.homedepot.com/webapp/wcs/stores/servlet/ProductDisplay?storeId=10051&langId=-1&catalogId=10053&productId=100398656&N=10000003+90401&D=ge+coil+cooktop

And now, Sears – http://www.sears.com/shc/s/p_10153_12605_02220592000P?vName=Appliances

Gee, what could the problem be at Sears? Don’t bet against Eddie!

By: Groty

Groty — Thu, 12 Jun 2008 15:53:24 +0000

CTX got shallacked 10% yesterday alone. I bought some for a long term account late in the day at $14.25.

They were among the first to start taking writedowns, and have taken very extremely large charges every quarter since for two years. That makes me think they will be one of the first to finish the restructurings.

It trades at 75% of book. It can still take some enormous writedowns to get to book value.

It really boils down to liquidity and playing a game of chicken with the banks in terms of renegotiating terms or getting waivers for covenant violations if they get in trouble.

By: VennData

VennData — Thu, 12 Jun 2008 15:39:14 +0000

He should buy Cindy McCain’s brewery, so she’s not accused of cavorting with Brazilians… or even worse, Belgians.

Speaking of which, The Oracle’s got some BUD – I find the stuff undrinkable – but maybe, finally having the two biggest brewers with 75% total share-plus will get Congress to augment the ridiculous Depression-era alcohol distribution laws.

Cindy McCain, another Republican who benefits from government-restricted markets.

By: bdg123

bdg123 — Thu, 12 Jun 2008 14:22:02 +0000

“I served with Jack Kennedy. I knew Jack Kennedy. Jack Kennedy was a friend of mine. Senator, you are no Jack Kennedy.”

Insert Lampert and Buffett for the same results.

I’m familiar with the inner workings of one of his acquisitions by first hand experience. I’d be polite in saying it seems intuitively obvious he is personally responsible for its poor performance.

And, needless to say Lampert has made huge mistakes on his investments over the last few years. Monkeys made money throwing darts in the 1990s. Now, we find out who really has the brass cajones.

By: zackattack

zackattack — Thu, 12 Jun 2008 13:44:37 +0000

You know what’s almost a universal?

Every one of those charts is just hanging in the air about 15% above any reasonable support. Except CTX, which is making new lows.

I wouldn’t buy any of these here. But then, I believe you simply can’t take anything more than a 5% loss on any position, ever.

Maybe they don’t need to worship at the altar or anything, but some of these value guys could stand to add TA to their quiver.

By: John

John — Thu, 12 Jun 2008 12:51:56 +0000

Actually I think CIT would be right up Buffet’s street. It’s a bread and butter business financing backhoes and printing machines. They got into trouble when they strayed from their core mission. Warren has the cash to restore their liquidity once they finish unloading the junk which is a process well advanced. As for Lampert the sooner he gets out of the retail business the better. He’s busy destroying an iconic US business which in more intelligent hands could have made it back.

By: j

Thu, 12 Jun 2008 12:34:55 +0000

4 investments totalling $80 million , in a fund with $20B in assets…..

just pennies for Eddie and his investors

time will tell if he’s right , and I would bet that he will be

By: J Cauchy

J Cauchy — Thu, 12 Jun 2008 06:12:11 +0000

The only cool thing Eddie ever did was talk his way out of the kidnapping. Just say no to ESL.