The second biggest position in the Bruce Berkowitz’s portfolio was Sears Holding Corporation (NASDAQ: SHLD). As of September 2012, Berkowitz owned nearly 16.94 million shares in the retail giant, accounting for 13.4% of his portfolio. Fairholme Fund was actually the second biggest shareholder in Sears, only after the retailer’s Chairman and CEO Eddie Lampert. Berkowitz considered Sears’ investment as a liquidation play, not a retail play. He mentioned that the inventory liquidation value of the company was similar to its current stock price. In addition, Sears also had significant value in its real estate. He thought if the real estate were fully valued on its balance sheet, the value of Sears would reach more than $160 per share. Currently, Sears is trading at only $46.24 per share, with a total market capitalization of $4.83 billion.