The Curious Case of Sears Holdings

The Case For Sears Holdings (SHLD) - Baker Street Capital (September 2013)  Baker Street’s property-by-property real estate appraisal found that at least $7.3bn of value lies at the top 350 owned and 50 leased locations (p. 4)  Real estate value is starting to be actively unlocked (p. 9)  According to REITs and mall owners, demand … Continue reading The Curious Case of Sears Holdings

Nugget: Third Avenue takes on a position in Madison Square Garden common

To my surprise, Curtis R. Jensen, Chief Investment Officer of the Third Avenue Small-Cap Value Fund, revealed in his letter to shareholders from April 30th. 2011, that the fund had added Madison Square Garden common shares to its portfolio. Third Avenue operates value oriented mutual funds, based on the principles of Ben Graham. Its founder, … Continue reading Nugget: Third Avenue takes on a position in Madison Square Garden common

Marty Whitman´s four sources of wealth for the value investor

The following conjecture is an excerpt from a Barron´s interview with Martin Whitman of Third Avenue Funds. Mr. Whitman is a legendary value investor who has a very interseting approach to value investing.  Whitman is very critical on GAAP and which he thinks is exessively geared towards flows as opposed to net asset values. Anyway, … Continue reading Marty Whitman´s four sources of wealth for the value investor