Fairholme/Berkowitz

[Pelagic]

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

[Mephistopheles]

Not sure how I missed this but:

 

http://www.bruceberkowitz.net/

 

Bruce has a blog with analysis / presentations.

 

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

 

This blog is too flashy, as opposed to Berkshire's website which is bland.

 

Therefore, Bruce doesn't count as a value investor anymore.

[hardincap]

what. is up. with the glamour pic?? I'm almost embarrassed for him.

[Phaceliacapital]

Is he having problems with outflows? The site kinda remembers me of Pimco's marketing effort in the FT after Gross left.

[Liberty]

Why he needs own domain for investment idea? Isn't link sufficient?

 

 

http://www.fairholmeonimperial.com/

 

When you have lots of money, the IT people will convince you it's required  ;)

[innerscorecard]

I really like the new websites. We should all take advantage of new forms of media in expressing ideas. I'm not very good at that myself, so I just write for now, but photos, videos, and the like convey things a lot better than just words.

[BargainValueHunter]

what. is up. with the glamour pic?? I'm almost embarrassed for him.

 

http://en.wikipedia.org/wiki/Cult_of_personality

[BargainValueHunter]

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.

 

[Matson125]

Huge difference between Partnership and Mutual Fund returns over the Q.

 

http://insurancenewsnet.com/oarticle/2015/04/13/the-fairholme-partnership-delivers-83-net-return-in-1q-2015-a-612492.html

[mhdousa]

Huge difference between Partnership and Mutual Fund returns over the Q.

 

http://insurancenewsnet.com/oarticle/2015/04/13/the-fairholme-partnership-delivers-83-net-return-in-1q-2015-a-612492.html

 

I wouldn't say it's "huge". FAAFX (which has the widest mandate of the mutual funds) returned 4.9% in the 1st Q vs 8.3% for the partnership.

 

 

[Guest notorious546]

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

 

[muscleman]

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

 

Interesting that he is cutting back on BAC. Probably due to redemptions?

[Guest notorious546]

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

 

Interesting that he is cutting back on BAC. Probably due to redemptions?

 

we can only speculate who knows...

[Pelagic]

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.

[CorpRaider]

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.

[brker_guy]

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!

[racemize]

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.

[brker_guy]

Thanks, racemize.  I see what you mean now.  Mutual Fund report filed:

 

http://www.sec.gov/Archives/edgar/data/1096344/000119312515151683/d904898dnq.htm

 

13F filing back in Feb:

 

http://www.sec.gov/Archives/edgar/data/1056831/000091957415002087/xslForm13F_X01/infotable.xml

 

 

[Picasso]

It might be due to the Sears rights offerings?  He's going to need a lot of cash for the transaction coming up with Seritage.

[Matson125]

It might be due to the Sears rights offerings?  He's going to need a lot of cash for the transaction coming up with Seritage.

 

+1

[BargainValueHunter]

http://www.sec.gov/Archives/edgar/data/1056831/000091957415005471/d6702971_13-g.htm

 

Berkowitz now owns 13.2% of Seritage.

[OracleofCarolina]

Semi-annual reports are out. Bruce believes sum of the parts value for Sears is $125.

 

 

[BargainValueHunter]

Semi-annual reports are out. Bruce believes sum of the parts value for Sears is $125.

 

http://www.valuewalk.com/2015/07/sears-holdings-shld-liquidation/

 

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

[Matson125]

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?

 

[adesigar]

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.