Money and Finance
- Roger Lowenstein Excerpt...
This seemed relevant given what's going on with oil. From Lowenstein's Introduction to Part I of Security Analysis: Sixth Edition: The competition for such values is fiercer in the United States, but they can be found, especially, again, when...
- Bruce Berkowitz's 2013 Annual Letter
Link to: Bruce Berkowitz's 2013 Annual LetterOur largest issuer position, at nearly 50% of assets, is in AIG common and warrants. Our second largest, at 15%, is in Bank of America common stock. Both are designated Global Systemically Important Financial...
- Bloomberg Video: Berkowitz Says Time For Aig To `rebuild,' Bets On Asia
Bruce Berkowitz, head of the Fairholme Fund, discusses the fund's holdings in American International Group Inc., and the U.S. Treasury's sale of its AIG shares. Berkowitz, speaking during an interview at the Tiger 21 conference in Palm Beach,...
- Bruce Berkowitz Stays In The Sunshine
Bruce Berkowitz must be disappointed that the current Olympic Games program doesn't include professional money management in the competition. If it did, the veteran stock picker's neck would be weighted down with gold right now. -Berkowitz is...
- The Fairholme Fund - Annual Report And Letter To Shareholders
We have always been attracted to sectors showing large declining market values. Usually, stock prices of businesses within these industries drop faster than underlying values, tainted by the collapse of speculative securities. Such conditions create a...
Money and Finance
More Funds Find Security in Cash
"There are only two hedges to protect you in any market environment: knowledge and cash," Mr. Berkowitz of Fairholme says. "It makes no sense to me to be fully invested."
...
Strong conviction in your investments, infrequent trading and a highly concentrated portfolio are the keys. Mr. Rodriguez, for instance, has enjoyed a tailwind from large positions in energy-sector highfliers such as Ensco International and Patterson-UTI Energy. About 45% of assets were in the fund's top 10 holdings at the end of March; energy stocks alone accounted for 40% of the total portfolio.
-
Fairholme is even more focused, with about 70% of assets in its 10 largest investments at the end of February, including an 18% position in Berkshire Hathaway, 15% in Canadian Natural Resources, 9% in Sears Holdings and 7% in Dish Network.
-
"We don't market time, but we don't invest just for the sake of investing," Mr. Berkowitz says. "We invest when we can find a security that has a significant margin of safety and an expectation of a double-digit total return. If we can't find it, we don't do it."
- Roger Lowenstein Excerpt...
This seemed relevant given what's going on with oil. From Lowenstein's Introduction to Part I of Security Analysis: Sixth Edition: The competition for such values is fiercer in the United States, but they can be found, especially, again, when...
- Bruce Berkowitz's 2013 Annual Letter
Link to: Bruce Berkowitz's 2013 Annual LetterOur largest issuer position, at nearly 50% of assets, is in AIG common and warrants. Our second largest, at 15%, is in Bank of America common stock. Both are designated Global Systemically Important Financial...
- Bloomberg Video: Berkowitz Says Time For Aig To `rebuild,' Bets On Asia
Bruce Berkowitz, head of the Fairholme Fund, discusses the fund's holdings in American International Group Inc., and the U.S. Treasury's sale of its AIG shares. Berkowitz, speaking during an interview at the Tiger 21 conference in Palm Beach,...
- Bruce Berkowitz Stays In The Sunshine
Bruce Berkowitz must be disappointed that the current Olympic Games program doesn't include professional money management in the competition. If it did, the veteran stock picker's neck would be weighted down with gold right now. -Berkowitz is...
- The Fairholme Fund - Annual Report And Letter To Shareholders
We have always been attracted to sectors showing large declining market values. Usually, stock prices of businesses within these industries drop faster than underlying values, tainted by the collapse of speculative securities. Such conditions create a...