Lampert Blasts 'Experts'

Sears Holdings (SHLD Quote) mastermind Ed Lampert copped to missteps in his fashion department Tuesday but warned critics that their "so-called expert" opinions about his company usually have been wrong.

In a wide-ranging letter to shareholders that was filed with the Securities and Exchange Commission, Lampert, the usually taciturn hedge fund manager who merged Sears and Kmart last year, lampooned media critics who question his long-term strategy.

"I will not dwell here on the many instances where the 'conventional wisdom' -- for example, the view that Kmart would neither emerge from bankruptcy nor survive its first Christmas as a new company in 2003 -- has turned out to be only 'conventional' and not at all 'wisdom,'" Lampert wrote. "I will simply say that I am pleased with the progress we are making at Sears Holdings." ...