The portfolio of hedge-fund kingpin Eddie Lampert is out $4.47 billion in the third quarter.

Lampert reported the “paper loss” came from holding AutoZone, AutoNation, Citi and Sears Holding.

He has a controlling stake in both AutoZone and AutoNation that has cost him $800 million as stock in each retail auto-part chain has fallen.

His ill-timed buy up of Citi, meanwhile, has shaken public perception of Lampert as a latter-day Warren Buffett.

Lampert is a 24.8 million-share owner of Citi. He purchased a 9.5 million-share chunk of the financial giant in the second quarter at $52.42 a share. With its closing price of $33.10 a share Friday, the stake is worth $821 million, a $500 million loss.

The biggest drop came from his stake in Sears, a nationwide retailer created from a merger between Kmart and Sears orchestrated by Lampert himself. Lampert has a 65.6 million-share stake in Sears. Its stock has fallen 28.7% since June, costing $3.2 billion.

Aside from the loss in his portfolio, Lampert suffered an investment loss of $21 million.

Lampert founded his hedge-fund company ESL Investments in 1988 after a stint in the Goldman Sachs risk-arbitrage unit under Robert Rubin. Rubin is now chairman of Citi.

As an investor, Lampert is known for his “concentrated value” style of buying up businesses in the retail sector. His success with this methodology earned him comparison to investment godhead Buffett.

Last year, Lampert earned an estimated $1 billion to $1.5 billion. He has a net worth of $4.5 billion.