MrB Posted February 1, 2012 Share Posted February 1, 2012 http://www.fairholmefunds.com/pdf/FairholmeFunds2011AnnualReport.pdf Link to comment Share on other sites More sharing options...
keerthiprasad Posted February 1, 2012 Share Posted February 1, 2012 thanks for posting. Can't argue with anything he said. I'm glad Fernandez is gone...he seemed so different than Berkowitz. Link to comment Share on other sites More sharing options...
racemize Posted February 1, 2012 Share Posted February 1, 2012 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? Link to comment Share on other sites More sharing options...
bookie71 Posted February 1, 2012 Share Posted February 1, 2012 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%) Link to comment Share on other sites More sharing options...
Rabbitisrich Posted February 1, 2012 Share Posted February 1, 2012 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). Link to comment Share on other sites More sharing options...
BargainValueHunter Posted February 1, 2012 Share Posted February 1, 2012 Would have been nice if he had fleshed out his "other reasons" for staying bullish on SHLD... Nice letter, though! :) Link to comment Share on other sites More sharing options...
biaggio Posted February 1, 2012 Share Posted February 1, 2012 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 Link to comment Share on other sites More sharing options...
TorontoRaptorsFan Posted February 2, 2012 Share Posted February 2, 2012 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? Link to comment Share on other sites More sharing options...
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