February 23, 2012
Here’s a link to an article regarding Berkshire Hathaway’s valuation.  Traditionally Berkshire has traded at between 1.3-1.8 times book value.  The reason for this is that the majority of the market capitalization was represented by Buffett’s investment portfolio which are marked to market, therefore any valuation in excess of book value represents what is known...
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Today SHLD reported disappointing earnings as was expected given their announcement right after Christmas, which caused the stock to drop substantially.    As you are aware we have never been advocates of Sears as a best in class retailer because it simply is not.  Our investment thesis has been that the value of the assets minus...
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