Many of our retail competitors have much lower cost structures that allow them to run different business models that are valued by both employees and customers alike,

Trying to move the volume of products we're talking about from place to place to get it ultimately into the customer's hands, to price these items, to market these items, I think the retail business is incredibly complex. But if you get it right, it's a beautiful thing.

To operate a company of the size of Sears Holdings or Wal-Mart or Target or Home Depot or Lowe's, you need a combination of skills, and each of those skills needs to be sufficiently strong.

The pushback I get is, 'He's a hedge fund guy.' Full stop. Some places, that can be a badge of honor. In others, it's almost a term of derision.

The entrance strategy is actually more important than the exit strategy.

The Next Warren Buffett?