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Fairholme annual letter


MrB
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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%)

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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).

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