Eddie Lampert’s troubles with Sears Holdings were underscored this week when he reported just $5.7 billion in U.S. assets as of year-end, down $3.4 billion, or 37 percent, from $9.1 billion on September 30 and barely half the $10.1 billion reported on June 30.

Some of this decline reflects the 57 percent drop in the value of his Sears shares, which accounted for 25 percent of the equity assets at year-end and one-third at the end of June.

Over the past year, however, Lampert has also been aggressively paring his positions in two very successful long-time investments — AutoZone and AutoNation, whose shares rose 19 percent and 31 percent, respectively, in 2011 alone.

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