Frannie Mae (FMN), Freddie Mac (FRE), Merrill Lynch (MER), Sears Holdings (SHLD)and Target (TGT) are discussed.
Whitney says the "break up" value of Sears is $250 a share. He goes into good detail on it.
Disclosure ("none" means no position):Long SHLD, None
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4 comments:
Good interview.. didn't realize that Sears Holdings controls 20% of the mall space in America.
kinda make you look at the company through a whole different prism doesn't it?
There is a Sears Dept. Store in the mall here in Normal, IL. Then a block away there is a Kmart. Both aren't necessary especially if they are selling pretty much the same things.
That would be like putting a bestbuy next to a Circuit City if they were owned by the same holdings company.
Whitney Tilson said he expects Kmart to start closing down....ie. he expects Lampert to start opening up some of that land value. Not only is it mall space its redundant store locations.
anon,
you are right. i can really see the real estate arm becoming a REIT like two guys did into vornado...
(kudos to vlado for that one)
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