Classic Wisdom From the Folks @ Fairholme Capital Management

[BargainValueHunter]

http://tinyurl.com/36fbrof

 

The recent price performance of our Companies does not reflect their business performance. Stock

price declines are “mark-to-market” declines, not permanent losses. It is critical for you to

understand that we believe the intrinsic value of our companies has increased, not decreased, over

the last year. The longer it takes value to be recognized, the larger our future profits will be.

Furthermore, if Mr. Market continues to place low prices on our Companies, we will buy more.

This is how we have made lots of money in the past.

 

:)

[CFA Omaha]

That is awesome.  Do you have any other BB letters? 

[Myth465]

Thanks for the letter.

[Guest]

Great post!

 

Berkowitz is also hoping up a new fund.

 

http://news.morningstar.com/articlenet/article.aspx?id=357615

 

 

[coc]

Just wanted to add my thanks to BVH. If you have access to any of his other letters to Fairholme clients, I'll second a request for those as well. Thanks again!

[turar]

They're all publicly available at http://www.fairholmefunds.com/

 

E.g:

http://www.fairholmefunds.com/ann-00.pdf

http://www.fairholmefunds.com/ann-01.pdf

etc...

 

[coc]

They're all publicly available at http://www.fairholmefunds.com/

 

E.g:

http://www.fairholmefunds.com/ann-00.pdf

http://www.fairholmefunds.com/ann-01.pdf

etc...

 

 

I believe those are for the Fairholme Fund, his mutual fund. But the letter Bargainhunter linked to was to the clients of Fairholme Capital management - his private clients.

 

[txlaw]

Awesome, thanks for posting! 

 

I'd also love to see some more of his letters to his clients.