I always enjoy learning more about the reclusive investing great Edward Lampert and this article was no exception. While it is clear that Lampert has made some mistakes in his management of SHLD, I believe that the media severely underrates some of the good moves that he made. Sears did not have a much stronger hand than a Circuit City, Linens & Things, etc. The company has done a great job of not plowing money into money-losing businesses. Ultimately, the success of Lampert’s investment in Sears will be predicated on the monetization of the real estate and brands. If Lampert can parlay the rewards programs and the online business into something quite valuable that would also be a huge plus. Regardless of how things turn out, it will be fun to watch who wins with this controversial name. We have invested in SHLD in various ways in the past and are invested currently so we clearly believe there is much more value than meets the eye.