1. One of Sears' Biggest Defenders Just Revealed why he Abruptly Cut Ties with the Company

    One of Sears' Biggest Defenders Just Revealed why he Abruptly Cut Ties with the Company
    • Bruce Berkowitz, a former Sears director and one of its biggest defenders, says the company's losses "wrecked" his hedge fund's performance.
    • "Sears realized billions of dollars from asset sales, as we predicted, but I did not foresee the operating losses that have significantly reduced values," he wrote in a letter to investors.
    • The letter marks the first time Berkowitz has spoken out about Sears since quietly leaving its board in October...
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    1. Although markets reached new highs in 2017, there was not much to celebrate as the securities of Sears Holdings Corporation ('Sears') and Sears Canada wrecked the Funds' performance.
    2. Mr. Berkowitz believed that his board service would enable him to better communicate Fairholme's perspective in substantially greater depth and detail than would otherwise have been the case.
    3. Mr. Lampert and Mr. Berkowitz have a longstanding partnership and continue to have great respect for each other.
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