Jump to content

Fairholme/Berkowitz


rjstc

Recommended Posts

Not sure how I missed this but:

 

http://www.bruceberkowitz.net/

 

Bruce has a blog with analysis / presentations.

 

For example.... http://www.fairholmeonimperial.com/

 

Thanks for sharing. I'm reading through their take on Imperial Metals now, it's very well put together IMO.

 

I found their reaction to the Mount Polley Mine tailing's pond incident interesting and indicative of how they they make decisions. Fairholme preaches "ignore the crowd" and they certainly did just that in this case, conducting their own environmental assessment within days of the incident and making investment decisions based on it rather than the negative press at the time.

 

http://www.fairholmeonimperial.com/mount-polley-mine

Link to comment
Share on other sites

  • Replies 412
  • Created
  • Last Reply

Top Posters In This Topic

http://www.businesswire.com/news/home/20150327005554/en/Fairholme-Funds---Fairholme-Focused-Income-Fund#.VRWWkkY2w7A

 

The Board of Directors of Fairholme Funds, Inc. has approved the re-opening of The Fairholme Focused Income Fund (NASDAQ:FOCIX) to new investors. Effective March 27, 2015, The Fairholme Focused Income Fund (the “Income Fund”) will offer its shares to new investors and begin accepting orders for the purchase of the Income Fund’s shares from new investors.

 

Link to comment
Share on other sites

  • 3 weeks later...
  • 3 weeks later...

in Q1/15, berkowitz reduced holdings in AIG 38.40%, BAC by 20.52% while he increased holdings in sears canada 26.37% and imperial metals by 0.58%.

 

http://www.dataroma.com/m/holdings.php?m=fairx

 

Using the purchase history for BAC provided there and doing a rough weighted average to determine his cost basis for BAC it looks to be around $13. For as bullish as he's been on it I would have expected him to hold on a little longer.

Link to comment
Share on other sites

It was interesting to see the percentage reductions in the positions and the compare to the weighting in the overall (reported) portfolio.  BAC seems to have stayed at about 25%.  Looks like maybe he's moving to cash; the 03/31 factsheet says he has about 18% of the 5.75 billion in the fund in cash.

Link to comment
Share on other sites

Out of curiosity, has anyone seen the latest and actual 13F that was filed with the SEC by Berkowitz bc all I saw last night was a filing back in Feb:

 

http://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001056831&owner=exclude&count=40&hidefilings=0

 

So where did Dataroma pull this data from?  Am I missing something?  Thanks!

 

I think they pull it from the mutual fund and not the 13F, but I'm not sure.

Link to comment
Share on other sites

  • 2 months later...
  • 2 weeks later...

I haven't read the letter yet, does Bruce think the sum of parts is $125 for the assets Sears has left? not including Seritage?

 

While the market is still digesting the facts associated with this recent separation transaction, our updated sum-of-the-parts valuation exceeds $125 per share fully diluted, net of debt.  We expect the company’s focus on “profitability instead of revenues” to result in operational efficiencies, expense reductions, and gross margin improvement.

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



×
×
  • Create New...