Word: lampert
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...Attention Chicken!” by Nicholas Lampert...
...these people? The art- and yacht-buying escapades of hedge fund operators such as Kenneth Griffin of Citadel and Eddie Lampert of ESL Investments grab the headlines. Yet there are more than 9,500 funds managing upwards of $1.74 trillion in assets, according to Chicago-based Hedge Fund Research, Inc. Many of those funds individually run a mere billion or three. This group of hedgies tend to be secretive loners, not prone to trading recipes...
...Fortress, not just because of the IPO but also because the company joins, under one roof, hedge funds and private equity, the practice of buying and running companies. It's yet another sign that lines are blurring and hedgies are no longer the loners of the investment world. Eddie Lampert used his hedge fund to take over Kmart and Sears, then funneled the stores' cash flow into derivatives trades--which last quarter made $101 million, half the company's net income. Nelson Peltz used his to storm onto the board of H.J. Heinz. "By many different definitions," says William Goetzmann...
...money managers like financial-services firm Amvescap, which last week acquired WL Ross & Co., a buyout firm run by turnaround specialist Wilbur Ross. Even hedge funds--whose trader mentality is antithetical to buying and holding--are taking pages out of the buyout playbook. Hedge-fund operator Eddie Lampert not only bought and merged Sears and Kmart but also installed himself as chairman...
...incorporating the best elements of much stronger brands in the industry remains unclear. "It could be more like a Bed Bath & Beyond meets Best Buy meets Target," says Marshal Cohen, chief fashion analyst at industry researcher NPD Group. "They've got a second chance here." But if Eddie Lampert can't make it work this time, it's likely to be their last.--With reporting by Jeffrey Ressner/Rancho Cucamonga and Jyoti Thottam and Dody Tsiantar/New York City