Business Week on Lampert.pdf

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PROFITS 3RD QTRRESULTS FOR 900COMPANIES (P. 88)

MARKETING ONLINEADS ARE STEALINGTHE SHOW (P. 76)

MEDICINE HOWRISKY ARE STATINDRUGS? (P. 128)

THE NEXTWARREN BUFFETT?

Financier EDDIE LAMPERT

has turned once-bankruptKmart into a $3 billioncash cow. Will hebuild it into a newBerkshire Hathaway?BY ROBERT BERNER (P.144)

VEMBER 22, 2004 www.businessweek.com


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November 22, 2004 | BusinessWeek | 145

joemcnally

COVER STORY

SECURITY IS TIGHT AT EDDIE LAMPERTS OFFICE. THATSNO SUR-

prise: Last year he was kidnapped at gunpoint while leavingwork and held for ransom for two days before talking his wayfree. In fact, there is no sign on the low-rise building in Green-wich, Conn., that his $9 billion private investment fund,esl In-vestments Inc., is even there at all. Theres also no sign on eslsdoor upstairsand certainly no indication that the man sittingthere might be the next Warren E. Buffett.

If anyone is destined to inherit Buffetts perch as the leadinginvestment wizard of his day, it just might be Edward S. Lam-pert. Since he startedesl in 1988 with a grubstake of $28 mil-lion, he has racked up Buffett-style returns averaging 29% ayear. His top-drawer clients range from media mogul DavidGeffen and Dell Inc.founder Michael S. Dell to the Tisch fami-

ly of Loews Corp. and the Ziff family publishing heirs. Only 42,Lampert has amassed a fortune estimated at nearly $2 billion.So focused is he on his goals that he was back at work negoti-ating a big deal two days after his kidnappers released him.Says Thomas J. Tisch, son of Loewss founder Laurence Tisch:Eddie is one of the extraordinary investors of our age, if notthe most extraordinary.

Like the 74-year-old Buffett, Lampert has built his successon some of the least sexy investments around. He searches forcompanies that are seriously undervalued, and hell even riskjumping into ones that are reeling from bad management orlousy strategiesbecause the potential returns are far greater.Right now, esl has stakes in a grab bag of retailers. It holds14.6% of Sears, Roebuck & Co., whose stock soared 24% on

NextWarren

Buffett?FINANCIER EDDIE LAMPERT TURNED ONCE-BANKRUPTKMART INTO A $3 BILLION CASH COW. WILL HE BUILD ITINTO A NEW BERKSHIRE HATHAWAY?

By Robert Berner

The


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November 22, 2004 | BusinessWeek| 147

donnaterek

Nov. 5 after real estate investment trust Vornado Realty Trustbought a 4.3% stake. It also owns a big chunk of the No.1auto-parts retailer, AutoZone Inc., and the biggest nationalchain of car dealers, AutoNation Inc., as well as a small stakein telecom giant mci.

The key to his ambitions, though, is a 53% stake in KmartHolding Corp.If a fading textile maker in New Bedford, Mass.,called Berkshire Hathaway Inc. provided the launchpad forBuffett, then Kmart might do the same for Lampert. Much likethe textile mill when Buffett got hold of it, the once-bankruptKmart is now throwing off far more cashit has $3 billion onhandthan it can use in the business. It also has $3.8 billionin accumulated tax credits, which can offset taxes on future in-come, and a fast-rising stock that is valuable in deal-making.Those advantages make Kmart a per-fect vehicle for bankrolling big acqui-sitions. They give Lampert the abil-ity to buy a lot of companies andshield a lot of income from taxes,says John C. Phelan, a former esl

principal who is now managing part-ner ofmsd Capital, which also man-ages Dell family money.

A KeySignalthe first hint Buffett gave of howhe planned to transform Berkshireinto an investment powerhouse wasin regulatory filings in the late 1960s.In an echo of that move, Kmart dis-closed in August that the board hadgiven Lampert authority to investKmarts surplus cash in otherbusinesses. Wall Street is readingthat move as a signal that Kmart maybe on the way to becoming LampertsBerkshire Hathaway. There is noquestion he will turn Kmart into aninvestment vehicle like Warren Buf-fetts, says legendary value investorMartin Whitman. He runs Third Av-enue Management llc, whichteamed up with Lampert whenKmart was in bankruptcy court andnow owns a 4.6% stake in the retail-er. Thats what I am valuing into

the stock.For Lampert, more than just supe-rior investment returns are riding onKmart. In a series of lengthy inter-views with BusinessWeek, he makesclear that he also wants to earn re-spect as a businessman who providesexpertise in how a company is run.Like Buffett, he wants chief executivesto open their arms and partner withhim. Dressed in a hand-tailored suitwith a subtle pinstripe and an open-collared blue-striped shirt, he ac-knowledges that his role model is atough comparison. Berkshire Hath-away has earned 25% a year since

Buffett gained control in 1965not quite as much as esls 29%average return but over a far longer period. Buffetts invest-ments have stood the test of time, he says, noting that thesame test will be applied to him. Buffett, for his part, declinedto comment on Lampert.

From the start of his career, Lampert has sought out high-powered mentors. At various stages he worked with formerGoldman Sachs & Co. head Robert E. Rubin, economics No-belist James Tobin, and investor Richard Rainwater. Rubin, nowat Citigroup, was taken by his self-assurance, independence,and discipline when Lampert worked for him at Goldman aftergraduating from Yale University. When Lampert, then 25, toldhim he was leaving to start his own fund, the future TreasurySecretary argued that he was forfeiting a golden career. He

had a clear-eyed view of the risk hewas taking and the likelihood hewould succeed, Rubin recalls. Id sayit worked.

Kmart is a classic example of howLampert works. He got control of a

$23 billion retail chainthe nationsthird-largest discounter, behind Wal-Mart Stores Inc. and Target Corp.forless than $1 billion in bankruptcycourt. He emerged as the largestshareholder and became chairman 18months ago as part of a reorganizationin which virtually all of its debt wasconverted into shares. Lamperts goalis to keep Kmart humming so it cancontinue throwing off cash. Even ifKmart eventually fails, keeping it go-ing as long as possible lets him extracttop dollar for its valuable real estate byselling the stores over time. We aregoing to have to generate traffic [in thestores], says investor Whitman.Even to this day, it is no slam dunk.

So far, Lampert has been milkingKmart for cash. Although same-storesales continue to sink, the companyhas been in the black for the past threequarters because cash flow has surged.A favorite Lampert gripe: Retailers aretoo willing to chase unprofitable sales.Instead, he has imposed a program ofkeeping the lid on capital spending,holding inventory down, and stopping

the endless clearance sales. And hepushed for Kmart to sell 68 stores toHome Depot Inc. and Sears to raise atotal of $846.9 million. Thats nearlyas much as the $879 million valueplaced on all of Kmarts real estate1,513 stores, 16 distribution centers,and the fixturesin bankruptcy pro-ceedings. Thanks to the measuresLampert has put in place, says ubsanalyst Gary Balter, Kmart could haveas much as $4.2 billion of cash in handby the end of next years first quarter.

Lampert is also angling to boostprofits at a smaller, more focusedKmart. He has quietly consulted for-

146 | BusinessWeek | November 22, 2004

natiharnik/ap/wideworld

COVER STORY

mer Gap Inc. Chief Executive Millard Drexler on apparel strat-egy and hired two former Gap merchandising and design ex-

ecutives as a result. One of their first moves was to add four up-market brands to Kmarts clothing lineup, which will widenmargins. And Kmart is beefing up its consumer electronics se-lection, adding such brands as Sony. Lampert has also retainedthe architectural firm Pompei A.D. llc, which designs interiorsfor teen retailer Urban Outfitters Inc., to start testing a much-needed redesign of Kmarts stodgy outlets. And on Oct. 18 henamed a new ceo, Aylwin Lewis, a PepsiCo Inc. veteran whosexpected to sharpen the chains operations and marketing.Even before that move, Kmart resumed tvadvertising and forthe first time ran apparel ads in Vogue and Vanity Fairin a bidto outdo rival Target and present a hipper image.

But investors arent thinking about Kmarts trendier clothesor blue-light specials as they snap up its soaring stock. Indeed,after climbing from $15 a share to $96 in 18 months, Kmartsstock sports a Buffett-like premium. The company now boasts

a stock-market capitalization of $8.6 billion, on a par with Fed-erated Department Stores Inc., the No.1 department-store com-

pany and owner of Bloomingdales and Macys. Why would itreflect that kind of value? asks Robert Miller, a principal atMiller Mathes, a New York-based restructuring advisory firm.Because Lampert is a smart cookie. Essentially he is trans-forming the assets into a more valuable state.

Studying the Sageif lampert does turn Kmart into the next Berkshire Hath-away, he could simply follow Buffetts blueprint. Buffett startedwith an investment fund he founded at age 25, the same asLampert when he started esl. Then in 1962, Buffett started tobuy shares of the textile company and by the late 1960s he wasusing the mills excess cash to invest in other businessesfirsta Nebraska insurance company and then an Illinois bank. By

LEARNING FROMTHE MASTER

Eddie Lamperts investment style issimilar to Warren Buffetts. They both:

Look for companies with long-term value thatthe markets are missing

Invest at a low enough price to protect theirdownside

Buy a few companies they know intimately

Seek out mature and easily understandablecompanies that throw off lots of cash; avoid tech

Act like businessmen who team up with CEOsand influence the way companies are run

Focus intensely on how their companiesallocate capital to maximize returns

But theres one big differencebetween the two:

Buffett invests largely in well-run companies,while Lampert is more willing to target poorly runones because they can produce greater returns ifthe right changes are made. As a result, Lampertis more hands-on with management.

Data:BusinessWeek

RETAILALCHEMYLamperthas turnedinvestments inlacklustercompanies intobig bucks

Kmart HoldingDiscountretailer

52.6%$4.54

Billion

543%since

May 6, 2003

Sears RoebuckDepartment-store chain

14.6%$1.38

Billion

100%since

Oct. 2002**

AutoNationCar-dealership

chain

28.5%$1.3Billion

150%since

mid-2002**

MCITelecomprovider

6.4%$375

Million

10%since

April 20

AutoZoneAuto-parts

retailer

26.8%$1.8Billion

320%since1997

STAKE

CURRENTVALUE

INCREASEIN SHARE

PRICE*

*Through Nov. 9 **Since stake became public

Data:Securities &Exchange Commissionfilings, Bloomberg Financial Markets,

BusinessWeek

BARGAIN HUNTER

Lampert got the$23 billionchain for lessthan $1 billion


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1970 he had dissolved the fund, selling off its investments andgiving the partners a choice of cash or shares in BerkshireHathaway. Many investors believe that Lampert is poised to dothe same: using Kmart to make new investments while keepingesl for his earlier investments, or alternatively dissolving it atsome point by selling its assets.

Lampert has carefully studied Buf-fett for years. He started reading andrereading Buffetts writings whileworking at Goldman after college.He would analyze Buffetts invest-ments, he says, by reverse engineer-ing deals, such as his purchase of in-surance company geico. Lampertwent back and read geicos annualreports in the couple of years preced-ing Buffetts initial investment in the1970s. Putting myself in his shoes atthat time, could I understand why hemade the investments? says Lam-pert. That was part of my learningprocess. In 1989 he flew out to Om-aha and met Buffett for 90 minutes,peppering him with questions abouthis investing philosophy.

Like the Sage of Omaha, Lamperttargets mature and easily under-standable businesses that havestrong cash flows. Both focus on acompanys ability to generate largeamounts of cash over the long haul,so neither is particularly fazed bysharp ups and downs in profits andstock prices. In fact, says esl Presi-dent William C. Crowley, Lampert would rather earn abumpy 15% [return] than a flat 12%. And just as Buffett pro-gressed from minority stakes, where his influence isnt guar-anteed, to majority stakes, where he has control, Lampert iscurrently following the same path. Kmart marks his first ma-jority play, and Lampert says it is the type of investment heplans for the future. In a control position, our ability to cre-ate value goes up exponentially, he explains.

Watch thePenniesthere is nothing Lampert likes to control more than howmoney is spent. He is probably even more obsessed than Buffettwith making sure that every dollar he invests in a companyearns the highest return. That means his companies have oftenused cash to buy back shares rather than boost capital spend-ing. The ceos of his companies, who are reluctant to talk with-out Lamperts permission, say a big part of their conversationswith him focus on discussing how best to allocate capital. He

will always want to work through, at a pretty high level of detail,what we are going to spend our money on and what the busi-ness benefits will be, says Julian C. Day, who was Kmarts ceountil October and now is a director. Adds Richard Perry, whoworked with Lampert at Goldman and whose hedge fund ownsa major stake in Kmart: Eddie doesnt waste moneyever.

For all their similarities, Lampert is no Buffett clone. For onething, he can be much more assertive with management. Heplayed rough at AutoZone, where he started amassing shares in1997. After his stake reached 15.7% he got a board seat in 1999.The management tried to crimp his power, but Lampert ranrings around them. ceoJohn C. Adams Jr. left shortly after-ward. Adams says he voluntarily retired.

Lampert runs a tight ship at esl, too. Not a penny gets in-vested without his approval, say former employees. His analystseither research Lamperts ideas or bring their own to him.

Gavin Abrams, an esl analyst in thesecond half of the 1990s, says Lamperthas an uncanny ability to see how thepieces of an investment fit together.When an art critic looks at a piece ofart, he can talk to you not just aboutthe color and technique but the histo-ry and where it fits into art in general,he says. Eddie talks about an invest-ment the same way. Consider Searsrecent purchase of 50 Kmart stores.The deal will both jump-start Searsstrategy to move outside of malls andbuild stand-alone big-box stores andadd hundreds of millions more toKmarts growing cash pile. Great in-vestors see deals within deals, saysWilliam E. Oberndorf, general partnerof the spo Partners & Co. value fund.Hes in rarified company.

What struck former esl analystDaniel Pike was how well Lampert un-derstands risk. Hes obsessed withprotecting his downside, he says.Lampert does this by holding just sev-en or eight major investments at atimeinvestments he knows intimate-ly after intensive research. Pike recalls

getting a taste of Lamperts methods when he applied to workthere after quitting an investment-banking job at about the timeeslwas investing in AutoZone. Before hiring Pike, Lampert senthim on a grueling, all-expenses-paid field trip to visit auto-partsretailers throughout the country for a month to test his smarts.

Once esl has invested, it stays in close touch with the com-pany. esl President Crowley, 47, a former Goldman Sachsbanker, is Lamperts main point person. He also sits on Kmartsboard and oversees the chains finances. Former Kmart ceoDay says he got calls daily from Crowley on operational issuesand discussed strategy with Lampert two to three times a week.At AutoZone, where esl holds a 26.8% stake and Lampert sitson the board, Chairman and ceo Steve Odland says he talks toLampert about three times a month.

One former employee notes that Lamperts annual letters toinvestors have gotten shorter over the years. These days,theyre about two pages long. In each, he makes the standardBuffett point: That years performance will be hard to matchin the future. Given the outsize returns he achieves, investorsarent inclined to bug him for more details. Based on the

148 | BusinessWeek| November 22, 2004

COVER STORY

WRINGING VALUE

OUT OF KMARTArmed with the discount chainsvast real estate holdings toprotect his downside, Lampertis retooling Kmart to maximizecash flow. So far he has:

CLEANED UP the balance sheet by convertingmost debt to equity before the chain emergedfrom bankruptcy in 2003

SOLD 68 marginal stores to Sears andHome Depot

STRETCHED OUT payments to vendors,reduced inventories, raised prices, and kept a lidon capital spending

CREATED four higher-quality apparel brandsand in February will add a line of kitchenwareand other home goods to goose sales and profits

Data:BusinessWeek

Friends trace Lampertsdrive to succeed to theshock of his fathers death from

a heart attack at age 47


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way he thinks about investments, I trust Eddie, says Tisch.Lampert runs his fund with just 15 employees, mostly research

analysts. As Lampert walks the floor, Crowley is locked on thephone in his office. Lamperts is next door, a corner suite whosecentral focus is a dual set of black, flat-panel computer screensperched on his desk. Most of the room is lined with books, but on

one wall hangs a picture of Lampert with former PresidentGeorge H.W. Bush. Outside, several people work silently in neat-ly kept cubicles. Lampert notes how quiet and unlike a tradingfloor the office is. Its a more studious atmosphere, he jokes.

Friends trace Lamperts intense drive to succeed to the shockof his fathers death from a heart attack at 47. Overnight, youngEddie became the man of the house at just 14. The family lived inthe prosperous suburb of Roslyn, N.Y., and his father, Floyd, alawyer in New York City, had been deeply involved with bothLampert and his younger sister, Tracey, coaching Little Leagueand teaching them bridge. His stay-at-home mother had to go offto work as a clerk at Saks Fifth Avenue, and financial security wasa big issue. Eddie really assumed the responsibility, knowingthat life had changed and we had to accomplish something byourselves now, says his mother, Dolores.

It was Lamperts grandmother who sparked Lamperts interestin investing. She would watch Louis Rukeysers Wall Street Weekon tvreligiously and invest in stocks such as Coca-Cola Co. thatpaid large dividends. From the age of about 10, his mother recalls,Eddie would sit at his grandmothers knee as she read stock

quotes in the paper and they would talk about her investments. Bythe ninth grade, while he was watching sports on tvwith his bud-dies, Lampert would also be reading corporate reports or financetextbooks, says Jonathan Cohen, Lamperts closest childhoodfriend. He would mark things with a highlighter, says Cohen,who believes the death of Lamperts father must play some role inhis need for financial success. Surely, his fathers death left a bighole in his psyche. At his wedding in 2001, held outdoors on hisGreenwich estate, he looked up into the sky and made a toast:How am I doing, Dad? Dolores recalls him saying.

ALightBurningcobbling together financial aid, savings from summerjobs, and student loans, Lampert enrolled at Yale University,where he majored in economics. There, he served as Phi BetaKappa president for his class, joined the elite Skull & Bones secretsocietyand began to seek out the mentors who would propelhis career. Says Earl G. Graves Jr., president ofBlack Enterprisemagazine, who was in Skull & Bones with Lampert: I remem-ber telling my girlfriend there is a light burning in this guy thatdoesnt burn in many people. In his last three years at Yale,Lampert worked as a research assistant for Professor James To-bin, who had just won the Nobel prize in economics in 1981.Lampert also was a member of the Yale student investment club,a group on campus that invested donations from alumni thateventually became part of Yales endowment. Joseph SkipKlein, student chairman of the group, says Lampert would sug-gest complex investments such as risk-arbitrage plays: Most ofus [wondered]: How the heck does he know about this?

Lampert parlayed a summer internship at Goldman Sachsinto a full-time job upon graduation in 1984. But he didnt starton the ground floor. Instead, he persuaded Rubin, who oversawthe fixed-income and arbitrage departments, to allow him towork directly for Rubin on special projects. Within months, thattranslated into a job in Goldmans high-powered arbitrage de-partment. Lampert thrived on the work, which entailed ana-lyzing whether a just-announced transaction, such as atakeover, would succeed and then betting millions on the out-comeall in minutes. He says the experience taught him howto evaluate risk quickly in a situation, often with incomplete in-formation. Doing this day after day as news events broke of-fered the best investment training possible, he adds. Its likeshooting layups or foul shots.

Even in a department filled with hotshots, Lampert stood out,says Frank P. Brosens, who became Lamperts boss when Rubinbecame co-ceo of Goldman. He remembers how Lampert ar-gued during the summer before the October, 1987, market crashthat stocks were overvalued, given that long-term interest rateswere so high. As a result, the department cut its stock holdings by30% before the crash. Eddie was the most independent thinkerin our area, Brosens says.

At a time when most people his age are just getting started at


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COVER STORY

TOP DRAWERLampert sought out high-powered mentors. . .

ROBERT RUBINFormer TreasurySecretary

RICHARDRAINWATERFund manager

JAMES TOBINNobel laureate ineconomics

DAVID GEFFENMedia mogul

MICHAEL DELLFounder of Dell

THOMAS TISCHPrivate investor

Lampert persuaded hiskidnappers to let him goon a promise that he would paythem $40,000 in a few days

. . . As well as wealthy and influential investors


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Goldman, Lampert quit and moved to Fort Worth in 1988. Hehad met Richard E. Rainwater, the fund manager for the Bassfamily and other well-heeled clients, the summer before on Nan-tucket Island. Rainwater invited him to use his offices and gavehim a chunk of the $28 million in seed money for a fund, whichLampert named eslhis own initials. Rainwater also intro-duced him to high-powered clients such as Geffen. But Lampertand Rainwater later had a falling out, which neither will discuss.Shareholder activist Robert A.G. Monks, who temporarilyworked in Rainwaters officeswith Lampert, says it was overcontrol of the funds invest-ments. Rainwater pulled hismoney out ofesl, but most oth-er clients stayed.

The audacity of his Kmart in-vestment put Lampert on themap. With Kmart in Chapter 11in 2002, he scooped up its debtas creditors fled. But his invest-ment swooned as the retailergot even sicker. So Lampertdoubled down and bought yetmore debt, enough to give himcontrol of the bankruptcyprocess. Then in January, 2003,at the height of the negotia-tions, Lampert was leaving eslon a Friday night when he waskidnapped in the parkinggarage. Four hoodlums, led bya 23-year-old ex-Marine, hadtargeted Lampert after a searchfor rich people on the Internet.They stuffed him into a Ford Blazer, took him to a cheap motel,and held him bound in the bathtub. They called Lamperts wife,Kinga, playing a tape of his voice. Court documents are sealed,but one person close to the case says the men told Lampert theyhad been hired to kill him for $5 million but would let him gofor $1 million.

Lampert was convinced he was going to be killed, he says inhis first public comments on the kidnapping case. Yourimagination goes absolutely wild. I was thinking about mymother and my son and my wife. What would their lives belike? Would it be painful when they shot me? In the adjoin-ing room, he recalls, the television was switched on to thenews about the search for the body of Laci Peterson. But as thekidnappers became increasingly nervous, Lampert convincedthem that if they let him go, he would pay them $40,000 acouple of days later, the source says. The hoodlums let him offon the side of a road in Greenwich early on that Sunday morn-ing and were later arrested and convicted. Lampert arrivedhome to a house full of friends who had been camping out,waiting for news. It was very much like going to your own

funeral, he says. He was soon back in Kmart negotiations.So far, Kmart has proved to be a big success. But the track

record ofesls Sears investment has been spotty. Lampert wontdiscuss the company, where he isnt on the board, but notes thathe hasnt sold any shares. In a move that Lampert supportedsome say influencedSears sold its $28 billion credit-card busi-

ness last year to raise cash. Initially, the stock jumped but then fellback because of deteriorating results, until recently. So the jury isout on whether Sears is better off without credit cards, once itsbiggest source of profits. As with Kmart, Lamperts probable safe-ty net is Sears real estate. Vornadowhich bought the big Searsstake this monthevidently agrees. As Sears scrambles to devel-op new big-box stores, its traditional mall-based departmentstores could prove more valuable to others.

On the other hand, esls 26.8% stake in AutoZone continuesto be a big winner. Although the shares are down 17% from lastyears peak of $103, theyre up 320% from 1997, when Lampertstarted buying. Its margins remain the envy of other auto-part re-tailers. Still, weakening same-store sales and recent quarterly

profit misses have led some analysts to contend that the retailerhas underinvested in its business and kept prices too high whilespending too much on share buybacks.

Lampert and Buffett crossed paths in dealmaking in the early90s. In 1989 and 1990, Buffett bought a 19.9% stake inpsGroup,which ran a stagnant aircraft-leasing business. Buffett made thatinvestmentwhich caught Lamperts eyebecause of a promis-ing new division that would recycle industrial metals, but thatunit ran into trouble. AspsGroups stock sank, Lampert jumpedin, attracted by the value of the ps aircraft, and began amassinga 19.7% stake at bargain-basement prices in 1993.

Buffett stayed on the sidelines, recalls Larry Guske, psGroups vice-president for finance, but Lampertconvinced pshad no futurekept prodding management to sell assets andpay dividends. In the end, Lampert doubled his money whileBuffett lost about a third of hisbecause he had paid muchmore for his shares, Guske calculates. Buffetts overall recordwill be extremely hard to beat. But at least in this instance, thepupil had outperformed the master.

With Susann Rutledge in New York

COVER STORY

The audacity of his Kmartinvestment is what reallyput Lampert on the map. He

scooped up debt as others fled


EDWARD S. LAMPERTCURRENT POSITION Chairmanof ESL Investments and KmartHolding

BORN July 19, 1962, in Roslyn,N.Y.

EDUCATION B.S. in economics,Yale University, 1984

HERO Berkshire Hathaway

Chairman Warren Buffett, whomhe has met only twice, once inOmaha in 1989 and later at adinner in New York.

INVESTMENT PHILOSOPHY

Evaluating risk and valuing riskis really what it is all about.

FAVORITE BOOKS

Philip A. Fishers 1958 classicCommon Stocks and UncommonProfits and Ayn RandsAtlasShrugged, which he handed outin an audio version to guests at

ESLs annual investors dinnerin 2001.

FAMILY Wife, Kinga, 31, a formercorporate lawyer. They met on ablind date set up by a friend theyhad in common. The couple has ason and a daughter.

Data:BusinessWeek

BIO

JULY, 1969Eddie Lampert at 7 with his father,Floyd, a lawyer in New York

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