Category: Money tips Release Date: 2006-08-29
Sears - Roebuck must have for those senior managers will not forget in the United States early last year, a West Hollywood hotel in the cramped atmosphere. That day, the Sears's new owner艾迪兰佩�E ddie L ampert) convened by companies, including CEO, CFO (chief financial officer), including high-ranking officials, as well as meeting some of the major buyers, jointly Sears strategy for the future. Sears at that time, everyone was being enveloped in confusion and hopelessness.
A year later, Sears's stock has risen 30 percent jump. "I do not have retail background, but I was a shopper," Lampert's official title is chairman of Sears do not withdraw their salary, but the fact he acts more like a CEO, on strategy, marketing, advertising planning, and so caring, "I'm hands-on through the rich, there are logical thinking to dictate it all."
Lampert founded in his name the first letter of the name of the hedge fund ESL Investments Corp., Sears Holdings currently owns 40% stake, or about 8 billion U.S. dollars, ranking the largest shareholder.
It attracted worldwide attention from the retail super-merger taking place in November 17, 2004, Lampert owned 53% of the retail firm announced a 11 billion U.S. dollars Kmart merger Sears - Roebuck & Company, and the establishment of the West Sears Holdings Corporation, and thus becoming the Wal-Mart and Home Products after the United States the third-largest retail company. Prior to Sears - Roebuck retail companies in the United States ranked fifth, Kmart is ranked eighth.
Speaking of fame Kmart Kmart, which in turn be called Lampert's flash in the pan. 2002 ESL shot purchase the verge of bankruptcy when the discount chain, almost all of whom have expressed incredible. "For most people, Kmart is just a pile of garbage. We have been informed of this hedge fund guy bought a big stake in the company and would like to make it to emerge from bankruptcy as soon as possible situation, the problem is that we have never heard of him." Kay Matt's former CFO recalls.
But Lampert is well aware of what he was doing. He spent hundreds of hours of analysis of Kmart's financial condition and concluded: "Kmart could be saved." In his view, Kmart wasting billions of dollars to develop and additional stock in the shop above, this opportunity to give Wal-Mart and other rivals. Lampert believe that increasing the rate of return rather than the Kmart sales revenue increase can make the difference. He also looked for a partner to inject more artificial Kmart's cash flow.
Through the reorganization, Kmart almost all the debts have been transferred into the company's stock, he himself became the company's chairman. "Lampert's goal is to make K-Mart to maintain operation, so that you can continuously generate profits. Even if one day, it once again bankrupt, in the earnings period and the sale of store profits generated by the money enough to make other investments Lampert and generate profits. "analysts had to say.
As Lampert genius business sense in response to Kmart in 2004, the year soared by 300%, ESL's stake has soared from 1.3 billion U.S. dollars to 5.4 billion U.S. dollars, the year the remuneration of his personal income reached 10 billion U.S. dollars.
Buffett compete against the United States with a one media Lampert described as "this day and age the best investors, the investment community's Steve Jobs (Note: Apple Computer CEO, creative genius)", and Warren Buffett shares his God made an interesting contrast. "Lampert Buffett than his age, even when the wealthy, and his scale of 15 billion U.S. dollars in hedge fund investing in the 18-year period of performance is beyond Buffett's Berkshire Hathaway fund (of course, The latter plate greater burden and more weight). ESL funds, according to Michael Dell recently revealed that the majority shareholder, ESL since its inception in 1998, the average annual net rate of return as high as 30%. In 2001, this figure is as high as 53%. The Hathaway Fund's average investment rate of return is about 25% each year level. "
This is perhaps the intention of co-Lampert. Lampert has said that his goal is to, and Buffett, an arch-competitor, beyond the myth created by Warren Buffett, "I also understand that this contest will be very cruel. Buffett's investment of time and withstood the the test, I will also undergo the same test. "Buffett did not comment on Lampert.
Lampert and Buffett are just at the age of 25 have created their own investment funds, and therefore into the Cotai Strip. When he acquired the Kmart reorganization and holds a 53% stake in the way and Buffett bought Berkshire in 1965, is also very similar to the case of textile mills. Kmart said its board authorized Lampert Kmart extra funds for the acquisition of other companies on Wall Street so exclaimed, "Lampert Kmart has since become the 'Berkshire Hathaway' Company . "
Both in the financial markets in a fight at close quarters with Lampert's victory also ended. 1989 to 1990, Buffett bought 19.9% stake in PS group, which attracted the attention of Lampert, he found that PS Group, a new department responsible for industrial metal recovery, will create a high profit. In the company's share price decline, Lampert has also buy low-priced PS Group's 19.7% of the shares. Two investor groups on the PS vision and operation of the different attitudes, the final value doubles in Lampert's investment, while the PS on Buffett has paid out about 1 / 3.
Some analysts attributed to two times the similarities and differences in investment style. They have in common is: the market value of investments is seriously undervalued, the company was able to produce long-term profits; in low-cost, when purchased in order to ensure equity appreciation; investment portfolio with them I always have a few very close relationship; only invest in mature, transparent, and technological content of products with high added value is not high, but the company does not invest in high-tech companies; directly involved in the company's operations and affect the company's operations and production; to focus on how the rational allocation of funds, produce the greatest profits and returns.
Then the difference between the two is that most of Buffett's investment company are functioning relatively good company. Lampert is more deeply in love with the poor management of the company that he was in love with "Shalitaojin", because once a company of such asset restructuring reforms, these companies become great appreciation of space. At least the case of Kmart and Sears told us that Lampert is more skilled than Buffett's company and management. His investment philosophy is: a correct assessment of risk and attention to risk is to invest all the secrets of success.
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