Re: Walk Away From Your House by Jim Cramer
[ QUOTE ]
BTW, Wall Street has coined a term for this type of "value" investing.
Catching a falling knife.
[/ QUOTE ]
We've had enough exchanges that you should know that I specialize in catching falling knifes. It's how I make my living and it's treated me very, very well. I understand why wall streeters who don't understand how to estimate value, or cannot commit to value investing, grow cold when their "picks" drop in price, and assume they made a mistake or that someone else knows something they don't and rush to sell.
I guess Eddie Lampert isn't one of them.
[ QUOTE ]
The audacity of his Kmart investment put Lampert on the map. With Kmart in Chapter 11 in 2002, he scooped up its debt as creditors fled. But his investment swooned as the retailer got even sicker. So Lampert doubled down and bought yet more debt, enough to give him control of the bankruptcy process.
[/ QUOTE ]
|