- New York Fashion Week Hits the Runway as Colors Pop
- Mulling Buffett's Stock Advice? Get in With REITs: Fund Managers
- LinkedIn Earnings Bode Well for Hiring and Social Media
- Top Five Mistakes to Avoid in Online Dating
- Victor Cruz ‘Understands’ Gisele's Super Bowl Frustrations
- Tamminen: The United States of India
- Unusual Volume: Taleo Jumps After Oracle's $1.9 Billion Offer
- Warren Buffett: Stocks Will Outperform Gold and Bonds .. and They're Safer 'By Far'
- So Now You Can’t Give Microsoft Away?
- Stocks Looking Past Europe for a New Driver of the Rally
- Citigroup Takes $50 Million Loss in Lending Rate Probe
- In Europe, Stagnation as a Way of Life
- Will Romney Regret Opposing Michigan Auto Bailout?
- Oil Demand to Grow With 'Two Speed' Outlook: IEA
- The Secret Lives of Traders—Seeking the Next Hot Thing
- FBI Investigated Steve Jobs Drug Use
- Strip Greenspan of His Knighthood: SocGen Strategist
- China Imports Slump, Raising Demand Concerns
ABOUT THIS BLOG
|
This blog will look at the winners and losers in the retail space. Who has the right strategy to capture consumer dollars? It also will look for trends in consumer spending and how that will impact the economy.
Sears Chairman Lampert Getting The Warren Buffett Treatment?
Text Size 
CNBC Reporter
 |
It is fitting that Sears' annual shareholders' meeting is being held around the same time as the Berkshire Hathaway gathering.
Eddie Lampert, Chairman of Sears [SHLD
Loading...
()
] not only says that Warren Buffett inspired his investing sensibilities. Lampert is also compared to the "Oracle of Omaha."
But these days Lampert has been taking heat for Sears' 47% decline in share price this year and for Sears' continued sales declines.
That criticism is quiet though at this meeting today. Perhaps because Lampert so rarely speaks to analysts and never speaks to the press, many of the vocal critics have skipped out on this shareholder meeting.
Activist investor Bill Ackman is here but his questions though pointed, were relatively muted. Ackman explained his hedge fund's (Pershing Square Capital) motivation in buying 5M shares of Sears as due to Eddie Lampert's involvement.
The awe with which investors address Lampert reflects a similar respect/fear that maybe he's right--maybe he really does see something that Wall Street's measuing tools (same store sales, etc.) don't actually pickup on.
So far here are some highlights:
- Lampert doesn't see a turnaround so far in consumer economy and doesn't foresee one this year.
- He hasn't seen a benefit as yet from interest rate cuts but does think that there will be a benefit.
- He thinks the market is flooded with too many stores being opened by competitors.
- Brands seem to be the new bet for Sears--are brands/merchandising replacing Lampert's emphasis on the underlying real estate play?
- There is a fundamental shift in how consumers shop. Part of that is due to increasingly specialized brick and mortar as well as online retailers.
I'll be posting more notes from the meeting later today.
Questions? Comments?
- Many have called to abolish the Federal Reserve. But what would happen if it was dissolved for good?
- Entrepreneurs have increasingly been buying back their companies over the last three years.
- Where are the best city locations for singles to take the online dating plunge?
- A Steelers fan spent a week with wide receiver Antonio Brown- and it was all due to tweeting.
- Here’s a look at the woman behind the newest collectible toy that kids love.
- Grab a brew—or not—and click ahead to experience the world’s most highly rated beers.
Data is a real-time snapshot *Data is delayed at least 15 minutes
