Bruce Berkowitz of Fairholme Funds is also a big believer in Sears Holdings Corp (NASDAQ:SHLD), with 12.4% of his fund's 13F portfolio invested in the stock ( check out Berkowtiz's big bets ). Berkowitz, in a Fortune magazine interview, noted that he believes that with its real estate holdings, Sears is worth over $200 per share. Bruce Berkowitz has said of his investment in Sears, "many despair that Sears seems unable to regain past retail glory, despite a conservative balance sheet and many valuable assets. In searching for instant gratification, most are missing key points." I have had an internal debate on which of the struggling retailers, Sears or J.C. Penney Company, Inc. (NYSE:JCP), will be the first to be forced out of business. As I've discussed before, Lampert has a good plan, but it will take time, but Penney is seeing a host of other issues; the company has been losing customers due to poor marketing and sales tactics. These missteps continue to reek havoc on Penney's bottom line.