"Lampert is insane or something." He's very smart, summa cum laude from Yale. OTOH, the two smartest people I ever knew well, both with similar credentials, didn't accomplish much. One died fairly early and the other -- near the top of his Harvard class -- probably has some mental problems.
Don't ever underestimate the role of ego in these deals. ESL may keep dumping funds into Sears long after a more sensible and more disinterested person would have walked away.
Hard to think of a dumber financial move than getting involved with Sears just as the World's Greatest Bull Market was taking off.
Heck, monkeys throwing darts, or investing in index funds like me, are doing fabulously well these days. Watching ESL (and not Sears, so much) will be interesting.
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Because the Good Life is Just a Pump or Two Away