After a tough 2011, Eddie Lampert is leading the markets in 2012. But will it last?
According to Fortune not all Wall Streeters are being forced to clip coupons or go without a dishwasher this year. Last week, Eddie Lampert and his family closed on a $40 million home on a private island outside of Miami. The 17,000 square-foot mansion on 2.7 acres has an "arrival court" with a long white driveway that leads you around formal hedges (not the financial kind) and a reflection pool to the front door. It's nice.
The purchase, which will be the most expensive home bought in Dade County since 2006, may come as a surprise to anyone who followed Lampert in 2011, which wasn't kind to the hedge funder. Lampert's most public holding, Sears (SHLD), of which he and his funds own 60% and is also the chairman, took a beating. The retailer closed 120 stores and lost $2.4 billion in the fourth quarter of last year. Other holdings were down as well. Overall, Lampert's largest fund ESL Investments reportedly lost 14% last year. Given his apparent screw up in Sears, some questioned whether Lampert, a storied value investor, had lost his touch.
Lately, though, Lampert has been on a hot streak. Hedge fund tracking website Insider Monkey recently ranked Lampert's fund the best performing of the year..
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Find out more at http://finance.fortune.cnn.com/2012/03/07/edward-lampert-comeback-2012/?section=money_topstories&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+rss%2Fmoney_topstories+(Top+Stories)
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