Lampert lets the Groundhog Drive

Eddie Lampert has already crashed Sears Holdings (SHLD), but he's apparently off his rocker (letting the groundhog drive) and buying even more shares.  Why?

Buying more shares of SHLD after the stock tanked 23% in one day a few weeks ago is a crazy move.  Recall Dec 27th when in the wake of disappointing sales Sears Holdings announced plans to close 100 to 120 stores.  The move was long overdue and it would amount to around 5% less of its 2,200 full-line stores.

The New York Times reported that Lampert, who controls just under 60% of the retailer’s shares through his hedge funds and his own portfolio, recently added another $130 million of Sears stock to his personal holdings. But he did not acquire it in the open market from outside investors. Rather, he bought the shares from his hedge fund, ESL Investments, according to a regulatory filing on Wednesday.

What does Lampert know that the rest of us don't?  SHLD has lost half of its value in the past 3 months.  Either its a genius move or he's just adding fuel to the fire.  Either way, letting Phil drive the car makes for a better decision.  Take it away Phil...