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Edward Lampert
From Wikipedia, the free encyclopedia
| Edward "Eddie" Lampert | |
|---|---|
| Born | July 19, 1962  Roslyn, New York |
| Occupation | Hedge Fund Manager |
| Net worth |  $4.5 Billion USD (2007)[1] |
Edward S. "Eddie" Lampert (born July 19, 1962[2]) is an American investor, financier and businessman.
He is the chairman of Sears Holdings Corporation(SHLD) and founder, chairman, and CEO of ESL Investments. Until May, 2007 he was a director of AutoNation, Inc[3]. He previously served as a director of AutoZone, Inc. from 1999 to 2006.[4]
Lampert graduated from Yale University in 1984 (B.A., economics, summa cum laude), where he was a member of Skull and Bones[5][6] and Phi Beta Kappa. He was an intern at Goldman Sachs in July 1984, and worked in the firm's risk arbitrage department from March 1985 to February 1988. He worked directly with Robert Rubin; when Lampert decided to go out on his own, Rubin warned it was a bad career decision.
He left the bank to form ESL Investments, based in Greenwich, Connecticut, in April 1988. The name ESL derives from Lampert's initials. Richard Rainwater, whom he had met on Nantucket Island, gave him $28 million in seed money and introduced him to clients, such as Geffen. In 2003, he was kidnapped from the parking lot of his office, but Lampert convinced his captors to let him go after two days.[7]
Lampert's investment style can best be described as "concentrated value", often focusing on the retail sector. He has produced annual returns of 30% since forming his fund. Lampert typically holds his investments for several years and usually has between three and fifteen stocks. His investment style has drawn comparisons to the financier Warren Buffett. He has, in large part, been credited for forming and merging Kmart and Sears into Sears Holdings.
His earnings in 2004 were estimated to be $1.02 billion USD, making Lampert the first Wall Street financial manager to exceed an income of $1 billion in a single year.[8] In 2006, Lampert was the richest person in Connecticut with a net worth of $3.8 billion.[9] As of 2007, he retained that rank, with a net worth totaling $4.5 billion.[1]
His earnings in 2006 were estimated to be from $1.0 billion to $1.5 billion USD.
In the first 11 months of 2007 at least two major investments of the ESL fund took a drubbing in the marketplace. Citigroup declined by over 40% and Sears Holding declined from a high of over 190 to a low of under 100, before recovering to 110.54, as of December 3. On November 30, Sears Holdings had announced that 3rd quarter 2007 earnings had nosedived by 99%, to a penny per share, from the year before quarter.
- ^ a b "The World's Billionaires", Forbes.com, 8 Mar 2007, p. 8. Retrieved on 2007-04-14.
- ^ Berner, Robert. "The Next Warren Buffett?" (PDF), BusinessWeek, 2004-11-22, pp. 144-148;152,154. Retrieved on 2007-04-14.
- ^ Miller, James P. (2007-03-26). Sears chief won’t run for AutoNation’s board. Chicago Tribune. Retrieved on 2007-04-17.
- ^ SEC filing. AutoZone, Inc. Retrieved on 2007-04-16.
- ^ Berner, Robert. "The Next Warren Buffett?", BusinessWeek.com, 2004-11-22. Retrieved on 2007-04-14.
- ^ Alexandra Robbins, Secrets of the Tomb: Skull and Bones, the Ivy League, and the Hidden Paths of Power, Little, Brown and Company, 2002, page 180
- ^ Berner, Robert. "The Next Warren Buffett?", BusinessWeek.com, 2004-11-22. Retrieved on 2007-04-14.
- ^ Martin, Patrick (2005-06-09). Highest Wall Street pay tops $1 billion a year. Retrieved on 2007-04-14.
- ^ The 400 Richest Americans (Connecticut Rankings). Forbes.com (2006-09-21).
- SHC: Chairman's Messages to Shareholders (Previous years)
- Hedge Fund Mogul Eddie Lampert's Next Big Move
- Forbes: The World's Billionaires editors:Luisa Kroll and Allison Fass (March 8, 2007)
- Edward S. Lampert of ESL Investments explains his thinking on the Kmart deal
- gurufocus.com: Edward Lampert News
- Cramer, James J., Blue-Light Specialist: A conversation with Eddie Lampert, New York magazine (December 6, 2004)
- Rosenberg, Yuval, The man behind the deal, CNNMoney.com (November 17, 2004)
Categories: 1962 births | Living people | Stock traders | American businesspeople | American financiers | American investors | American billionaires | American Jews | Bonesmen | Financial analysts | People in finance | Hedge fund managers | People from Greenwich, Connecticut | People from Long Island | Stock and commodity market managers | Businesspeople in retailing | Jewish businesspeople | Kidnapped businesspeople | Yale University alumni