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Bruce Berkowitz
As we sit in year-7 of a historic bull market, with earnings likely to decline for the 3rd consecutive quarter, the lack of a margin of safety in most stocks, bonds, and real estate is becoming painfully obvious. The Federal Reserve’s record-low interest rate policies have driven all asset classes higher, to levels where the...
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If one studies the history of financial markets, a consistent theme emerges. Short-term fads tend to dictate short-term performance, but long-term performance is determined by value and fundamentals. There are periods where prices flat out do not make sense, either for the market as a whole or for individual stocks and sectors. The current investment...
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For many of you that have been with me for 5 years now, even prior to when T&T Capital Management (TTCM) was established, 2016 might feel a little bit like 2011.  In 2011, a global bear market and severe U.S. correction coincided with fears that a collapse of European Sovereign Debt would lead to a...
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Hello Everybody, For those of you that have been with me for years, you are likely aware that one of my favorite investment managers is Bruce Berkowitz of Fairholme Funds.  This is a guy with one of the best long-term track records of any investor and like us, he takes relatively concentrated positions on out...
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On behalf of our Chief Investment Officer Tim Travis… Hello Everybody, For those of you that have followed me for a while, you likely know that there are few money managers that I regard as highly as Bruce Berkowitz of Fairholme Funds.  Similarly to T&T Capital Management, Berkowitz runs a focused portfolio and has no...
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Below is a link to the 2014 Sears Holdings Chairman’s Letter written by Edward Lampert.  I always find Eddie’s insight to be extremely valuable despite the obvious struggles that he has had in improving the financial results of Sears Holding.  The biggest critique I have of Eddie is not offloading more real estate and shutting...
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Fairholme Funds and Bruce Berkowitz had another fabulous year in many of the same positions that we are heavy in at T&T Capital Management (TTCM).  He has large positions in AIG, Bank of America and Sears Holdings to name a few.  I found it very interesting that he mentioned his appraisal of Sears’s NAV to...
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The story surrounding the GSEs’ continues to get more interesting, as Bloomberg is reporting that Bill Ackman has acquired large stakes in the common stock of Fannie and Freddie.  This comes on the heels of Bruce Berkowitz’s proposal to buy parts of Fannie and Freddie through converting preferred stock to common, while executing a rights...
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Those who are familiar with me know that there are very few investors that I respect more than Bruce Berkowitz of Fairholme Funds.  His analysis is always cogent and persuasive, while he doesn’t cater to short-termism like 99% of Wall Street.  I was disgusted in 2011 when he had his only really rough year, when...
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When you look at the great long-term investment track records, the vast majority are held by value investors such as Warren Buffett, Bruce Berkowitz, Seth Klarman etc.  There were two very prominent exceptions, George Soros and Stevie Cohen.  George Soros is a macroeconomic genius, who has taken aggressive positions across a variety of different asset...
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