Jump to content

Davis Funds buys Fairfax


oldye
 Share

Recommended Posts

I just can't seem to forget the fact that they missed the ball on AIG. They had over a billion before AIG imploded.

 

Interesting picture:

 

AIG reported holdings in Davis NY Venture Fund

10/31/07 28,556,210 shares at $1,802,467,975

4/30/08 30,451,813 shares at  $1,406,873,761

Link to comment
Share on other sites

I just can't seem to forget the fact that they missed the ball on AIG. They had over a billion before AIG imploded.

 

Interesting picture:

 

AIG reported holdings in Davis NY Venture Fund

10/31/07 28,556,210 shares at $1,802,467,975

4/30/08 30,451,813 shares at  $1,406,873,761

 

Doesn't this mean AIG owned the Davis fund, not the Davis fund owned AIG?

Link to comment
Share on other sites

I just can't seem to forget the fact that they missed the ball on AIG. They had over a billion before AIG imploded.

 

Interesting picture:

 

AIG reported holdings in Davis NY Venture Fund

10/31/07 28,556,210 shares at $1,802,467,975

4/30/08 30,451,813 shares at  $1,406,873,761

 

Doesn't this mean AIG owned the Davis fund, not the Davis fund owned AIG?

 

The Venture fund owned AIG. The global fund held $65B in assets as of July 31, so it's hard to imagine that Chris Davis personally dug through the 10-K notes. Plus, he probably knew Hank Greenberg personally, and he couldn't imagine that such a capable man could F up with a capital F. Another good investor, Wally Weitz, fell under a similar trap through long association with Angelo Mozilo.

 

It happens to the best.

Link to comment
Share on other sites

I just can't seem to forget the fact that they missed the ball on AIG. They had over a billion before AIG imploded.

 

Interesting picture:

 

AIG reported holdings in Davis NY Venture Fund

10/31/07 28,556,210 shares at $1,802,467,975

4/30/08 30,451,813 shares at  $1,406,873,761

 

Doesn't this mean AIG owned the Davis fund, not the Davis fund owned AIG?

 

Sorry, I wrote things backward. Davis NY Venture Fund held AIG.

Link to comment
Share on other sites

In my opinion, FFH is a perfect fit for the Davis family investment style.

 

Regarding AIG, as far as I know, it's been a Davis family holding since decades ago.

 

 

You are almost certainly right.  Shelby (the first) bought

AIG after his first trip to Japan and the Far East in the

1960's.  It became a long term 100 bagger for him.

It's likely that AIG was a legacy holding for the Davis

family and that they were not diligent to keep a close

eye on it after Greenberg stepped down.

Link to comment
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
 Share

×
×
  • Create New...