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Presentation from Fairholme


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This one on AIG has more meat to it IMO..  Although perhaps it's already been posted..  Good read none the less...

 

http://www.fairholmefunds.com/pdf/CaseStudyII180612.pdf

 

 

Nope,... MrB,... seems bargainman tried to post the "CaseStudy II" --> AIG

 

Here should be the correct link:

 

Fairholme - CaseStudy II --> AIG

http://www.fairholmefunds.com/sites/default/files/CaseStudyII180612.pdf

 

I also post the link to the BAC file:

 

Fairholme - CaseStudy I  --> BAC

http://www.fairholmefunds.com/sites/default/files/CaseStudyI180612.pdf

 

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Source of Links:

http://www.fairholmefunds.com/presentations

 

 

 

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On a related note, Goodhaven Funds semi-annual report is a good read

 

http://www.goodhavenfunds.com/media/pdfs/GHF-Semiannual-f.pdf

 

Thanks for posting,... just throws back into my mind a view on Jeffries Group, Inc. (JEF), some smaller investment bank that is favored by LUK.

 

Jefferies Group Inc. is a full-service broker/dealer and investment banker. We acquired Jefferies in the wake of the MF Global bust after a pundit opined that Jefferies was also headed toward failure. We vehemently disagreed and believe Jefferies has unusual opportunities over the next decade as it operates without the constraints placed on commercial banks and Wall Street firms with bank charters. Further creating a vacuum, European financial institutions have retreated, licking their wounds and repatriating capital to deal with problems at home. Our case is reasonably simple – we expect Jefferies to average double digit returns on equity over time and we bought at a significant discount to fully diluted tangible book value. Unlike many of its peers, Jefferies has a balance sheet that is reasonably transparent, much more liquid than most, and supported by a significant amount of

long-term capital. Equally as important, Jefferies has talented senior management with “skin in the game.”

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