Jesus, what did Sears Holdings (SHLD) Eddie Lampert do to CNBC's Erin Burnett? Did they date when she worked at Goldman Sachs (GS) or did he rebuff her advances? Perhaps she is miffed that she did not get an interview she wanted?
She has been joyously drubbing this quarters performance all day today on CNBC. She does is with this sick little smile on her face too. Odd...
Now, I am not saying this was a good quarter, it sucked. But, Burnett has taking it a bit farther. She spent this morning comparing his Citigroup (C) purchases to that of Saudi Prince Alwaleed's. Now, it is one thing to compare two investors purchase price but is it really legitimate or the slightest bit honest to compare purchases of a company made 17 years apart? Am I the only one who finds that embarrassingly transparent?
Then she jumps into the "how much time does Lampert have left" doomsday scenario. Okay,,,,,, let's just forget the 20 year and 28% annual return Lampert has produced for investors. That track record alone places him in a handful of investors. I mean, I am sure anyone who has made a fortune with Lampert is jumping ship now because of a bad year. Let's also forget the 5 year lockup people give him when they fork over their $10 million minimum to invest with him. Let's also ignore the fact that folks who have $10 million to give someone for 5 years to invest, did not get that type of money by pissing their pants at every bump in the road.
Sears. Burnett clearly has no grasp of the situation. It is a retail turnaround story. Those take years. Sears is not losing money and still is producing billions for Lampert to repurchase shares. Has Burnett seen the stock price and performance of other comparable retailers like JC Penny (JCP) down 48% from its high and Macy's (M) down 30% from its high? Apparently not. Check out the one year chart of all three here. Look similar?
What Burnett casually glosses over is that when Lampert took control of both Sears and Kmart, they were careening toward extinction (Kmart actually was bankrupt). Now they produce about $1 billion in cash and every quarter that goes buy, Lampert increases our ownership percentage.
Awful job Eddie.... (please detect the sarcasm)
Erin, get over it "he just not that into you"