BargainValueHunter

Once again Bruce Berkowitz is taking your questions: http://www.businesswire.com/news/home/20160209006858/en/Fairholme-Schedules-Public-Conference-Call I'd like to ask him what happened to his former belief in investing in companies that produce a lot of free cash.

http://www.bloomberg.com/news/articles/2016-02-05/watsa-s-wager-on-equity-slump-sends-fairfax-financial-to-record

Yes, I know that this isn't the main "Fairholme/Berkowitz" thread but I just wanted to add this new Bloomberg article to THIS discussion because some of us worried that the splashy layout in the 2010 Fortune article may have been signaling a top in the "Berkowitz Bubble". http://www.bloomberg.com/news/articles/2016-02-04/is-bruce-berkowitz-early-or-wrong-with-his-wager-on-st-joe

He just keeps on buying... http://www.emqtv.com/bruce-r-berkowitz-purchases-142000-shares-of-sears-holdings-corp-shld-stock/147696/

Selling monthly at the money puts in AAPL and MET.

And 11 months of returns are indicative of what? Indicative of a snapshot. Same as [fill in any other arbitrary length of time].

2015 YTD Returns (through 12/3/15) S&P 500: +1.59% FAIRX: -6.64% FAAFX: -12.43% ------------------ CHOEX: -20.42% .............................. Income Fund Comparison FOCIX: +1.06% ------------------ CHOIX: -13.72% Both manager's equity funds have that SHLD wildcard :o

...just noticed he is nibbling at SHOS too plus he is upping his holdings of SRSC. He is all over the Sears universe in his portfolio. I HAVE to believe he has had at least ONE conversation with his fellow nuevo Floridian Eddie Lampert. :P

Sears is now Fairholme's #1 position: http://www.bloomberg.com/news/articles/2015-11-16/berkowitz-s-fairholme-sold-almost-all-its-aig-shares-in-quarter

http://www.forbes.com/sites/advisor/2015/10/25/putting-closed-end-fund-discounts-into-perspective/ http://blogs-images.forbes.com/advisor/files/2015/10/October-16-2015-All-CEF-Discounts.png

Two years ago I'd bet most on this thread thought interest rates would have moved higher by late 2015. Its beginning to look like it will be a MUCH longer wait until interest rates rise. http://www.tradingeconomics.com/germany/interest-rate http://www.tradingeconomics.com/switzerland/interest-rate https://research.stlouisfed.org/fred2/series/T5YIFR

Five years later Bloomberg declares Einhorn the winner: http://www.bloomberg.com/news/articles/2015-10-23/einhorn-bests-fairholme-s-berkowitz-as-bet-against-st-joe-ends http://assets.bwbx.io/images/iBBWvrvnz9kE/v2/-1x-1.jpg

After nearly four years Mr. Berkowitz has shrunk AIG to a secondary position at FCM. http://www.bloomberg.com/news/articles/2015-08-14/berkowitz-cuts-aig-bank-of-america-stakes-adds-sears-canada

ABX JAN17 $10 calls

http://www.celebritynetworth.com/articles/billionaire-news/one-french-investor-found-magic-ticket/

http://www.miamiherald.com/news/politics-government/article29656183.html

TIAA-CREF

http://www.valuewalk.com/2015/07/sears-holdings-shld-liquidation/ http://www.valuewalk.com/wp-content/uploads/2015/07/Sears-shld.jpg

SHOS, PIR, SRSC, FTP

http://www.sec.gov/Archives/edgar/data/1056831/000091957415005471/d6702971_13-g.htm Berkowitz now owns 13.2% of Seritage.

Borrowing rate on the TSP is exactly 2% at the moment.

He'd better hurry up... http://www.huffingtonpost.ca/2015/06/26/sears-canada-in-make-or-_n_7673432.html

Losing focus on his investments? http://www.miamiherald.com/news/local/community/miami-dade/article25547224.html

http://seekingalpha.com/article/3273125-warren-buffetts-berkshire-hathaway-at-price

What's your personal AUM? $Not Nearly Enough! 8)