By  on February 1, 2018

Investor Bruce Berkowitz, once one of the biggest supporters of Edward S. Lampert’s Sears Holding Corp., has grown much more critical, cut back his investment in the company and is just plain tired.

“Although markets reached new highs in 2017, there was not much to celebrate as the securities of Sears Holdings Corp. and Sears Canada wrecked the Funds’ performance,” wrote Berkowitz in the annual report of Fairholme Funds Inc., which he leads as chief investment officer. “Sears realized billions of dollars from asset sales, as we predicted, but I did not foresee the operating losses that have significantly reduced values.”

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