valuecfa Posted September 5, 2013 Share Posted September 5, 2013 It could just be to not have to sell as much holdings as the fund meets redemption requests. Not everybody likes such large concentrations in harry names. I think the large positions in the likes of mbia, sears, and prefs have worried even the most loyal of his shareholder base that believe he is taking on too much risk these days Link to comment Share on other sites More sharing options...
meiroy Posted September 5, 2013 Share Posted September 5, 2013 Send him an email and ask? Link to comment Share on other sites More sharing options...
cubsfan Posted September 5, 2013 Share Posted September 5, 2013 Does anyone think its significant that FAIRX is opening at this point, after having been closed for only a short period of time? My initial thought was he has a massive new investment idea and would appreciate the capital to make a large investment. It may be the FNMA/FMCC prefs, or perhaps even something else. Any thoughts? I'd certainly like to know the answer to that, being a FAIRX holder. It seems highly unusual that he would close the fund in Feb and re-open 6 months later unless he saw large investment opportunities. But others raised a good point about redemptions and nervous FAIRX holders. I have several people invested in FAIRX, and after 2011 - I get lots of questioning - why does he own SHLD, etc??? Personally, I like his style of concentration - but it's definitely not for everyone. Link to comment Share on other sites More sharing options...
fareastwarriors Posted September 5, 2013 Share Posted September 5, 2013 Does anyone think its significant that FAIRX is opening at this point, after having been closed for only a short period of time? My initial thought was he has a massive new investment idea and would appreciate the capital to make a large investment. It may be the FNMA/FMCC prefs, or perhaps even something else. Any thoughts? I'd certainly like to know the answer to that, being a FAIRX holder. It seems highly unusual that he would close the fund in Feb and re-open 6 months later unless he saw large investment opportunities. But others raised a good point about redemptions and nervous FAIRX holders. I have several people invested in FAIRX, and after 2011 - I get lots of questioning - why does he own SHLD, etc??? Personally, I like his style of concentration - but it's definitely not for everyone. very true. I personally added some money to FAIRX in my IRA. Go Bruce! Link to comment Share on other sites More sharing options...
JRH Posted September 5, 2013 Share Posted September 5, 2013 I'd certainly like to know the answer to that, being a FAIRX holder. It seems highly unusual that he would close the fund in Feb and re-open 6 months later unless he saw large investment opportunities. But others raised a good point about redemptions and nervous FAIRX holders. I have several people invested in FAIRX, and after 2011 - I get lots of questioning - why does he own SHLD, etc??? Personally, I like his style of concentration - but it's definitely not for everyone. What's safe to assume? I think: 1) He wants more cash than he has 2) He doesn't want to trigger capital gains by selling existing holdings #1 could be a result of seeing opportunity or redemptions squeezing the existing cash cushion. I know that's pretty basic, but just laying it out. Link to comment Share on other sites More sharing options...
BargainValueHunter Posted September 5, 2013 Share Posted September 5, 2013 I don't understand the nervousness re: his heavy concentration. Why not sell your shares in Fairholme then buy the individual holdings divided in concentrations you are most comfortable with. The turnover is so slow that one could easily mimic the fund. Link to comment Share on other sites More sharing options...
CorpRaider Posted September 5, 2013 Share Posted September 5, 2013 Legal fees? hah! Link to comment Share on other sites More sharing options...
cogitator99 Posted September 6, 2013 Share Posted September 6, 2013 It could just be to not have to sell as much holdings as the fund meets redemption requests. Not everybody likes such large concentrations in harry names. I think the large positions in the likes of mbia, sears, and prefs have worried even the most loyal of his shareholder base that believe he is taking on too much risk these days That may be the case, but certainly if you had lost faith in Berkowitz you probably would've sold a while back... Also, I don't understand all the fuss about his concentration. From an overall portfolio standpoint you probably would not be 100% FAIRX and if you were, you had better believe that he knows what he's doing, and that he can do it far better than you can. Link to comment Share on other sites More sharing options...
cogitator99 Posted September 6, 2013 Share Posted September 6, 2013 I don't understand the nervousness re: his heavy concentration. Why not sell your shares in Fairholme then buy the individual holdings divided in concentrations you are most comfortable with. The turnover is so slow that one could easily mimic the fund. Agree with this. Plus if you were nervous about a manager's style -- and this has been his style all along -- why invest with him in the first place? Link to comment Share on other sites More sharing options...
jay21 Posted October 29, 2013 Share Posted October 29, 2013 dataroma had an update on Bruce: http://www.dataroma.com/m/holdings.php?m=fairx He's out of CHK, Sears Canada, MBIA, and Fannie/Freddie common Link to comment Share on other sites More sharing options...
LC Posted October 29, 2013 Share Posted October 29, 2013 dataroma had an update on Bruce: http://www.dataroma.com/m/holdings.php?m=fairx He's out of CHK, Sears Canada, MBIA, and Fannie/Freddie common I believe dataroma only lists his equity securities The full filing is here: http://www.sec.gov/Archives/edgar/data/1096344/000119312513413006/d553329dnq.htm Link to comment Share on other sites More sharing options...
fareastwarriors Posted November 14, 2013 Share Posted November 14, 2013 http://video.cnbc.com/gallery/?video=3000218161&play=1 BB on CNBC Link to comment Share on other sites More sharing options...
CorpRaider Posted November 14, 2013 Share Posted November 14, 2013 Damn nice memo. I like the check marks and the bold italics. It just says, "Fairholme". Link to comment Share on other sites More sharing options...
CorpRaider Posted November 14, 2013 Share Posted November 14, 2013 dataroma had an update on Bruce: http://www.dataroma.com/m/holdings.php?m=fairx He's out of CHK, Sears Canada, MBIA, and Fannie/Freddie common I believe dataroma only lists his equity securities The full filing is here: http://www.sec.gov/Archives/edgar/data/1096344/000119312513413006/d553329dnq.htm Dataroma seems to be just wrong a lot lately. Link to comment Share on other sites More sharing options...
LC Posted November 15, 2013 Share Posted November 15, 2013 http://video.cnbc.com/gallery/?video=3000218161&play=1 BB on CNBC Boy, Bruce really should think about a career in politics. Link to comment Share on other sites More sharing options...
Guest wellmont Posted November 15, 2013 Share Posted November 15, 2013 or public relations. Link to comment Share on other sites More sharing options...
indythinker85 Posted December 23, 2013 Share Posted December 23, 2013 Govt responds http://www.valuewalk.com/2013/12/fairholme-responds-treasury-motion-fannie-mae-freddie-mac/ Link to comment Share on other sites More sharing options...
Sullivcd Posted January 8, 2014 Share Posted January 8, 2014 Anyone know why fairx is up 2.35% today? Link to comment Share on other sites More sharing options...
benhacker Posted January 8, 2014 Share Posted January 8, 2014 I assume the GSE preferreds are driving the return. up >10% today. Link to comment Share on other sites More sharing options...
BargainValueHunter Posted February 25, 2014 Share Posted February 25, 2014 http://www.nasdaq.com/article/bruce-berkowitzs-only-new-stock-a-miner-cm329336 Being so deep into this bet, Berkowitz has shown little interest in U.S. corporate stocks, where he formerly concentrated. He did, however, buy shares of one new company in the fourth quarter: Imperial Metals Corp. ( III ). Berkowitz's new position is sized at 2,705,300 shares, making up 0.44% of his portfolio, and valued around $36.3 million. The company's shares cost around $14 on average during the quarter. Link to comment Share on other sites More sharing options...
fareastwarriors Posted March 3, 2014 Share Posted March 3, 2014 Q&A: Why Berkowitz Is Unhappy With Fannie, Freddie Directors http://blogs.wsj.com/moneybeat/2014/03/03/qa-why-berkowitz-is-unhappy-with-fannie-freddie-directors/?mod=WSJBlog&mod=MarketsMain Link to comment Share on other sites More sharing options...
fareastwarriors Posted March 17, 2014 Share Posted March 17, 2014 Fannie, Freddie and Fairholme: the Downside of ‘Active Share’ http://blogs.barrons.com/focusonfunds/2014/03/12/fannie-freddie-and-fairholme-the-downside-of-active-share/?mod=BOLBlog Link to comment Share on other sites More sharing options...
BargainValueHunter Posted April 15, 2014 Share Posted April 15, 2014 http://www.bizjournals.com/southflorida/news/2014/04/14/investment-fund-star-berkowitz-fairholme-seeks-to.html On March 25, it applied with the Florida Office of Financial Regulation to form a non-depository trust company with $3.5 million in capital. This would serve a group of 180 clients at Fairholme Capital Management who have combined assets under management of $1.3 billion, according to the application. “Many of these clients have been with FCM since its inception, their assets under management have grown considerable, and now they are facing the need to plan their wealth growth and retention for coming generations,” the company said in its application. “It is these FCM clients that Fairholme Trust Co. would integrate into its business over the next three years.” The trust company would then offer investment choices outside the selected ones offered by FCM, which is an investment advisor with over $11 billion in assets under management, the application said. Many of its clients are international, mostly from Europe. Link to comment Share on other sites More sharing options...
fareastwarriors Posted April 29, 2014 Share Posted April 29, 2014 Fairholme Backs Campaign to Save Fannie and Freddie http://dealbook.nytimes.com/2014/04/29/fairholme-backs-campaign-to-save-fannie-and-freddie/?src=busln Link to comment Share on other sites More sharing options...
valuecfa Posted September 27, 2014 Share Posted September 27, 2014 Berkowitz interview on Wealthtrack : Not much new, but worth a half hour of your time. http://wealthtrack.com/recent-programs/berkowitz-powerful-financials/ Link to comment Share on other sites More sharing options...
Recommended Posts
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 accountSign in
Already have an account? Sign in here.
Sign In Now