He pared down is Autozone position by 5.9% to 23% of shares outstanding.
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I hate AZO and have been thinking about what the tipping point will be when it rolls over. Their growth is sustained by assuming more debt and relentlessly opening new store locations. Their metrics for assessing the auto parts industry are based on vehicle miles traveled, and according to government data, that has already peaked 3 years ago (http://1.usa.gov/jQZc1L). Lampert has bought back alot of stock to sustain eps growth but shareholders have recently taken a negative equity position.
Lampert loves playing real estate as established through his KMart holdings. I like him as an investor, but anyone watching this stock, heed with caution.