i am quite surprised at the size of Bruce's bet on MBIA. its truly to some degree just that, a bet. interesting enough though, i am still possibly looking at an entry point for a 2nd round trip on some of the MBIA bonds for myself. just not willing to pay upper $77's handle.

all of sears roebuck debt floats are terribly inferior at best with respect to classification and recovery scenarios and rated Caa1/CCC+. however, the sears holdings 18's float rated B2/B with allot of asset coverage is the way to go. they have a recovery rating from multiple agencies of 1 or RR1. so the only way i would be surprised is if bruce was buying any of the roebuck floats as opposed to the holdings issue.

out of any retail themed corps, the sears holdings are the only ones i have and would hold for any length of time. you had all you could eat in the low $80's for months in 2012. now as the new year began and corps took yet another leg up in the cycle, these sears holdings bonds have firmed up a bit and are trading between $93-$95 range.