Once again Bruce Berkowitz of Fairholme Funds produces one of the best shareholder letters of anyone in the business.  His patience and discipline is truly exceptional and I couldn’t agree with his sentiments any more.  It’s amazing how many investors left him after one bad year and have missed out on a nice recovery, which in my opinion is just the beginning when you look at his positions.

http://www.fairholmefunds.com/sites/default/files/Portfolio%20Manager%27s%20Report%20and%20Semi-Annual%20Report-%20Final.pdf

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