Sears Holding (NASDAQOTH:SHLDQ) has a lot of potential to live up to its new moniker of "misunderstood value turnaround." The company is seen with deeply undervalued real-estate assets, which could be unlocked if the company creates a better retail experience and, by proxy, increases the value of the surrounding real estate. 

However, Sears hasn't been the best allocator of capital in recent years, and it doesn't seem to have a comprehensive turnaround roadmap like its other turnaround relative, J. C. Penney (NYSE:JCP).

I see Sears likely leaving most of its potential on the table and disappointing investors going forward.

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