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Strategies & Market Trends : Value Investing
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To: E_K_S who wrote (59983)10/20/2017 9:12:05 PM
From: Spekulatius1 Recommendation

Recommended By
richardred

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So Starboard dumps M even though they believe it trades at ~30% if the NAV, just because Management is slow to realize the value?

Either they are not really value investors or they are wrong about the NAV because for a value oriented not investor, this kind of logic does not make any sense.

For me, the issue is that the value in Macy’s real estate is hard to realize without a costly windows of M retail operation, if it isn’t possible at all without immediately bankrupting the retail business, which would be fraudulent.
So M stock is like a deeply discounted dollar bill, that someone lit up with a lighter on one and and they is slowly burning out. The question is not really how deeply discounted the dollar bill is, it is if the fire can be put out at all....

With Sears for example the answer to the same question is no, hence the deeply discounted dollar bill is probably worthless at this point. All the remaining value is with the SRG spinoff, imo.
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