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Classic Wisdom From the Folks @ Fairholme Capital Management

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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.



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