Is Berkowitz a billionaire?

[Guest]

According to the SAI he has 3,249,315 shares in the allocation fund. I think I read somewhere that he has substantially all of his net worth in the funds.

 

 

http://news.morningstar.com/all/dow-jones/us-markets/201108151711/000196/fairholme-reports-bank-of-america-stake-up-7-million-shares-filing.aspx

 

" Fairholme Capital Management, the mutual fund management company run by billionaire investor Bruce Berkowitz, added to its massive holding of Bank of America Corp. (BAC) during the prior quarter, according to a filing Monday, though reduced its stake in investment bank Morgan Stanley (MS)."

 

It also says this:

 

"As of the fiscal year ended November 30, 2010, Mr. Berkowitz and his immediate family members owned shares of the Fairholme Fund worth in excess of $1,000,000 and shares of the Income Fund worth in excess of $1,000,000. As of such date, Mr. Fernandez and his immediate family members owned shares of the Fairholme Fund worth in excess of $1,000,000 and shares of the Income Fund worth in excess of $1,000,000.

 

As of March 1, 2011, officers and employees of the Manager, collectively owned shares of the Fairholme Fund worth in excess of $262,463,496, shares of the Income Fund worth in excess of $5,944,230 and shares of the Allocation Fund worth in excess of $38,373,436."

 

Anyone know if he is actually a billionaire?

[Guest Hester]

Anyone know if he is actually a billionaire?

 

I don't think so. I know he's not on the Forbes 400 so it's unlikely.

[Kiltacular]

I think it's about $200 million that he's got in the funds.  Now, he apparently has a pretty pricey piece of real estate in Florida and possibly some other non-equity investments.

 

I don't have a link, but in a recent interview I believe he said he's got all his investment money inside the funds. 

 

 

[Guest]

I think it's about $200 million that he's got in the funds.  Now, he apparently has a pretty pricey piece of real estate in Florida and possibly some other non-equity investments.

 

I don't have a link, but in a recent interview I believe he said he's got all his investment money inside the funds. 

 

 

 

That's what I was wondering. I would feel pretty uncomfortable if he had only 20% or so of his net worth in the funds but he is investing the aggressively in the banks and whatnot.

[bargainman]

That's what I was wondering. I would feel pretty uncomfortable if he had only 20% or so of his net worth in the funds but he is investing the aggressively in the banks and whatnot.

 

Well it's going to be interesting to see what he does after the redemptions.  In the past when people said he was being aggressive he would always bring up the fact that he was 20% in cash, but after the redemptions that's no longer the case, so his current position is definitely aggressive taken by itself.