Below is an interesting article on mutual funds and the mistakes made when market participants purchase them.  It is known in the industry that the actual investors in mutual funds tend to have far worse performance than the actual funds, due to their tendencies to jump in at the tops, and out at the bottoms....Read More

Sears Holdings (SHLD) is undoubtedly one of the most hated stocks on Wall Street.  A major reason for the animosity is Wall Street’s focus on the primacy of the income statement and Sears is not a profitable retail operation.  Analysts’ that also cover profitable retailers such as Wal-Mart (WMT) or Target (TGT) are befuddled by...Read More

When Bruce Berkowitz talk about investing I always listed and appreciate his insights.  Below is his thesis on Fannie Mae and Freddie Mac, as discussed with David Faber in a CNBC interview.  The Fannie Mae preferred stock should be an incredible investment but of course there is tremendous uncertainty with government involvement.  I see no...Read More

Gurufocus posted a recent interview with Bruce Berkowitz at the University of Miami.  The questions weren’t too hard hitting, but I always find him interesting to listen too.  It was interesting to hear that he may be considering sources of long-term capital.  I think he would be a great manager of an insurance company portfolio...Read More

For those who have followed us for some time, you know that we are big fans of Bruce Berkowitz and his investment style.  He is probably the guy we have the most in common with in terms of our stock selection process.  Last year was a tough year for him, but while investors in his...Read More

Another absolutely fabulous interview with Fairholme Funds Bruce Berkowitz on Wealthtrack.  If you want to be a successful investor listen to what he says, and apply it to your own investment philosophy.  Patience, discipline, and conviction based on facts are the keys to seeing significant outperformance as an investor.  I have a ton of respect...Read More

Fund Manager Daniel Loeb sees the same opportunity in AIG that we do at TTCM, and Fairholme Funds led by Bruce Berkowitz does as well. This is a unique franchise trading at an absurdly low valuation based on a horrible recent history, in which the problems were primarily caused by one unit. Robert Benmosche has...Read More

One of Bruce Berkowitz’s most controversial positions is MBIA.  This is the bond insurance company which has had its ratings dramatically reduced and is engulfed in several significant lawsuits which should have a material impact on the business, and in turn the equity of the company.  Below is Berkowitz’s investment thesis on the company.  At...Read More

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...Read More

One of my favorite investors Bruce Berkowitz of Fairholme Funds posted a new slide show today.  He correctly identifies the difference between volatility and risk as defined by a permanent loss of capital.  In this market anything with the perception of risk is being punished quite viciously as the macroeconomic situation is trumping individual stock...Read More