Eddie Lampert was once a rising star in the hedge fund world -- the next Warren Buffett, the Steve Jobs of finance. A traditional value-investor, Lampert earned himself and his investors billions by buying up large blocks of undervalued companies, often retailers. His multiyear investments in Sears Holdings (NASDAQ:SHLD) and AutoNation (NYSE:AN) have formed the backbone of his portfolio for almost a decade.


Source: Wikimedia Commons.

More recently, Lampert's situation has begun to deteriorate, as the underperformance of Sears Holdings -- the company he created by merging Kmart with Sears Roebuck almost a decade ago -- has weighed on his portfolio and appears to have sent some of his investors scuttling. Nevertheless, he remains one of the most interesting and successful investors of the current generation. The following slideshow offers up five facts about the hedge fund billionaire investors may not have known.

He's Still No Warren Buffett
Given their similar investing styles, Lampert was once seen as Warren Buffett's spiritual successor. Like Lampert, Buffett made billions through his investing, and he wants you to be able to invest like him. Through the years, Buffett has offered up investing tips to shareholders of Berkshire Hathaway. Now you can tap into the best of Warren Buffett's wisdom in a new special report from The Motley Fool. Click here now for a free copy of this invaluable report.

Sam Mattera has no position in any stocks mentioned. The Motley Fool owns shares of International Business Machines. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.