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 qualms with taking a contrarian path to investment success.  He has huge and concentrated stakes in financial companies, as we do as well.  These stocks are so highly attractive that often I wish I could just buy more and more, which is why I have aggressively been adding money to my personal investment portfolio, despite the fact that I believe the overall market is fairly valued.  Most of the positions that we are buying have 50-100% upside and I can’t foresee a scenario in which we would take a permanent loss of capital.  Obviously, there are no guarantees and I can assure you there will be volatility and short-term periods of underperformance, but if you have patience and share the confidence that we have, I believe in 3-5 years we will be enormously happy.  Enjoy the interview!