Fairholme annual letter

[MrB]

http://www.fairholmefunds.com/pdf/FairholmeFunds2011AnnualReport.pdf

[keerthiprasad]

thanks for posting.  Can't argue with anything he said.  I'm glad Fernandez is gone...he seemed so different than Berkowitz.

[racemize]

thanks for posting.  Can't argue with anything he said.  I'm glad Fernandez is gone...he seemed so different than Berkowitz.

 

I don't know anything about Fernandez from before or now--what makes you say that?

[bookie71]

I think he started believing his press clippings and didn't do the hard research necessary to check out the reserves on those too big to fail banks. I finally bit the bullet and after 4-5 years and sold my position at a loss.  I had hoped he was he one I could put my kids into. 

Oh well maybe Chou's funds.  It's up slightly (less than 1%)

[Rabbitisrich]

I think he started believing his press clippings and didn't do the hard research necessary to check out the reserves on those too big to fail banks. I finally bit the bullet and after 4-5 years and sold my position at a loss.  I had hoped he was he one I could put my kids into. 

Oh well maybe Chou's funds.  It's up slightly (less than 1%)

 

What makes you say that? If anything loan portfolio developments since 2010 have validated his thesis (so far).

[BargainValueHunter]

Would have been nice if he had fleshed out his "other reasons" for staying bullish on SHLD...

 

Nice letter, though! :)

[biaggio]

Would have been nice if he had fleshed out his "other reasons" for staying bullish on SHLD...

 

Nice letter, though! :)

 

15% of his income fund invested in SHLD bonds I assume.

 

States that shld will become next BRK

[TorontoRaptorsFan]

Too bad he didn't hold onto Wellcare (WCG)

 

I notice the BAM holdings are missing from the portfolio. I presume he liquidated the entire stake he held in it?