Interesting Reading – January 20, 2017

In this series, we suggest worthwhile reading material on a variety of topics of general interest. What to Make of the ‘Davos Class’ in the Trump Era – The New York Times, January 16, 2017.  Andrew Ross Sorkin reports on

Looking For Hidden Real Estate Value at Investors Title Company

In this article, we will take a look at whether an examination of Investors Title’s real estate holdings that goes beyond the company’s SEC filings may reveal hidden real estate value not reflected in the company’s stated shareholders’ equity. Read the article for more details.

Sears Chairman Lampert Releases Annual Letter to Shareholders

Sears Chairman Lampert Releases Annual Letter to Shareholders

Edward Lampert, Founder of ESL Investments and Chairman of Sears Holdings Corporation, has released his annual letter to shareholders. Mr. Lampert’s investment style has often been compared to Warren Buffett’s approach particularly when it comes to capital allocation. While many companies fail to adhere to disciplined capital allocation practices, Sears has taken a more intelligent approach. Read this article for more details.

Avoid Relegating Investment Errors to the “Memory Hole”

No one enjoys dwelling on past errors whether we are talking about investments, career choices, or poor decisions in personal relationships. It is far more pleasant to think about what has worked well in the past and to relegate unpleasant memories to what George Orwell referred to in 1984 as the “memory hole”. Read this article for a case study in faulty investment decision making.

Wal-Mart Stores Looks Attractive; Sears Holdings Shares Sold

Wal-Mart Stores Looks Attractive;  Sears Holdings Shares Sold

Over the past decade, there has been a significant divergence between Wal-Mart Stores’ experience from a business perspective and the returns experienced by the company’s shareholders. In April, I wrote an article outlining Wal-Mart’s track record over the past ten years and the risks of overpaying for a strong growth record. A position in Wal-Mart was initiated today with shares of Sears Holdings sold to fund the new position. Read this article for more details.

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