Baker Street Capital recently came out with a detailed presentation on why they think Sears Holding (NASDAQ: SHLD) is undervalued. They make the case that the real estate SHLD holds is being massively undervalued by the market. They think Sears trades for around 1/3 of its breakup value. There has been some controversy about whether or not the values used are accurate or inflated. Either way, it is worth going through.