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 be around $150 per share.  I’ve never heard him make that explicit of a statement on the stock and when you look at their real estate compared to that held by the Mall REIT’s it is tough to disagree.  Sears is in the process of liquidating and sub-letting many of its properties, while also monetizing some of its brands.  This will take time to play out but there is very little doubt that the sum of the parts is greater than what the whole company is being valued at.  AIG and Bank of America both still look very attractive as well.