Bruce Berkowitz

Bruce Berkowitz

Last Update: 12-27-2016
Related: Fairholme Fund
Fairholme Focused Income Fund

Number of Stocks: 12
Number of New Stocks: 0

Total Value: $1,249 Mil
Q/Q Turnover: 0%

Countries: USA
Details: Top Buys | Top Sales | Top Holdings  Embed:

Bruce Berkowitz Watch

  • Largest Insider Trades of the Week

    Bruce Berkowitz - Largest Insider Trades Of The Week

    The GuruFocus All-in-One Screener can be used to find insider trades from the past week. Under the Insiders tab, change the settings for All Insider Buying to “$5,0000,000+” and the duration to “January 2016” and All Insider Sales to “$5,000,000+.”


    According to the above filters, the following are trades from company insiders this week.

      


  • Sears Sells Craftsman Brand to Stanley Black & Decker

    Edward Lampert,Bruce Berkowitz,Barrow Hanley Mewhi - Sears Sells Craftsman Brand To Stanley Black & Decker

    Sears Holdings Corp. (NASDAQ:SHLD) announced today it is selling its well-known Craftsman tool brand to Stanley Black & Decker (NYSE:SWK) and will be closing 150 stores.


    Stanley Black & Decker will pay Sears $525 million at the close of the deal. After three years, it will pay $250 million. After that, Sears will be paid 2.5% to 3.5% of Craftsman sales for the remainder of a 15-year period. The total payment is estimated to amount to $900 million.

      


  • The Danger on Which Gurus Agree

    Carl Icahn,Richard Pzena,Bruce Berkowitz,Murray St - The Danger On Which Gurus Agree

    Intrinsically ETFs are a tremendous innovation and a great positive. Unfortunately at this stage if you want to raise a lot of money as an asset manager you need to play into fear and greed. Customers want more, and they don’t want to lose. Ever.


    ETFs get investors more. They are much cheaper to run compared to an actively managed fund. With active managers, in the aggregate, failing to deliver returns in excess of their expenses ETFs win out. So far, so good.

      


  • 17 Questions With Tim Travis of T&T Capital Management

    Warren Buffett,Bruce Berkowitz,Martin Whitman,Mohn - 17 Questions With Tim Travis Of T&T Capital Management

    1. How and why did you get started investing? What is your background?


    When I was a teenager my Dad gave me the book the "Intelligent Investor" for me to read on a trip to Hawaii. For the first time investing, which had previously seemed a very abstract concept to me, made tangible sense. I found it so interesting that the relatively simple concept of value investing, which has been used by so many successfully, was the furthest thing from the status quo on Wall Street. I have a naturally contrarian personality so value investing was a great fit for me.

      


  • Bruce Berkowitz's Fairholme Capital Management Conference Call Transcript

    Bruce Berkowitz - Bruce Berkowitz's Fairholme Capital Management Conference Call Transcript

    EDITED FOR CLARITY AND ACCURACY

      


  • Guru and Insider Invests in Lands' End

    Edward Lampert, Bruce Berkowitz - Guru And Insider Invests In Lands' End

    Edward Lampert (Trades, Portfolio), insider and 10% owner of Lands’ End (NASDAQ:LE), purchased 412,294 shares in eight separate transactions on eight separate days, according to the Securities and Exchange Commission.


      


  • How Can You Beat the Market?

    Warren Buffett,Bruce Berkowitz,Seth Klarman - How Can You Beat The Market?

    The investing world is full of tough competition. Better results require hard work. Sometimes even hard work is not enough.


    If you are looking for investment opportunities in the same places as everyone else, it’s difficult to get a competitive advantage.

      


  • Bruce Berkowitz Leans Toward Lands’ End

    Bruce Berkowitz,Edward Lampert,Robert Olstein,Chuc - Bruce Berkowitz Leans Toward Lands’ End

    Bruce Berkowitz (Trades, Portfolio) of Fairholme Capital Management increased his position in Lands’ End Inc. (NASDAQ:LE) by 11.8% on Sept. 30.


    Berkowitz founded Fairholme Capital Management in 1997. He manages a concentrated portfolio in companies that have great management, generate free cash flow and are undervalued. He also will invest in mediocre companies that are trading at a significant discount to their intrinsic values but also have potential catalysts.

      


  • Former Fairholme Managers' New Fund Returning Double S&P

    Larry Pitkowsky,Bruce Berkowitz - Former Fairholme Managers' New Fund Returning Double S&P

    The GoodHaven Fund (GOODX) surged back from a years-long stretch of underperformance with returns of more than double the S&P 500 this year as early bets on basic materials paid off along with the rebound in the sector.


    Managing partners Larry Pitkowsky and Keith Trauner founded GoodHaven in 2011 following their departure from well-known investor Bruce Berkowitz (Trades, Portfolio)’s Fairholme Fund (Trades, Portfolio). Though they shun style categorizations, the founders follow principles of value investing pioneer Ben Graham and like their former colleague Berkowitz choose stocks priced at discounts to intrinsic value.

      


  • Berkowitz: You Know It Will Badly Fail at Some Point

    Bruce Berkowitz - Berkowitz: You Know It Will Badly Fail At Some Point

    If the next crash is ETF-based you can’t say you haven’t been warned. After Murray Stahl (Trades, Portfolio), Bill Ackman (Trades, Portfolio), Berkowitz is now also warning these vehicles for all their worth come with drawbacks.


    On CNBC Berkowitz talked about index investing. It’s a great solution if you don’t get spooked, you don’t invest at a time the index is at an extreme valuation or when interest rates are at a historic low. If and when interest rates go up that’s a “gravitational pull on all assets.”

      


  • Sears Holdings Reports Steep Loss, Takes Loan From Lampert in Q2

    Bruce Berkowitz,Edward Lampert - Sears Holdings Reports Steep Loss, Takes Loan From Lampert In Q2

    Sears Holdings reported a second-quarter earnings loss Thursday as it continues to pursue its strategy of “transformation” under leadership of well-known hedge fund manager Eddie Lampert.


    Sears had a net loss of $395 million and $3.70 per diluted share, compared to net earnings of $208 million and $1.84 for the second quarter last year. The losses came as the struggling retailer witnessed comparable store sales decline by 3.3% at Kmart and 7% at Sears Domestic.

      


  • Edward Lampert Adds 2 Companies to Portfolio in 2nd Quarter

    Bruce Berkowitz,Edward Lampert - Edward Lampert Adds 2 Companies To Portfolio In 2nd Quarter

    Edward Lampert (Trades, Portfolio), founder of RBS Partners LP and chairman of Sears Holdings Corp. (NASDAQ:SHLD), invested in two stocks – Seagate Technology Inc. (NASDAQ:STX) and Fossil Group Inc. (NASDAQ:FOSL) – in the second quarter that are new to his portfolio.


    Lampert’s portfolio reflected transactions in five stocks during the quarter.

      


  • Louis Moore Bacon Invests in Top Banking Companies

    Louis Moore Bacon,Bruce Berkowitz,Seth Klarman,Dod - Louis Moore Bacon Invests In Top Banking Companies

    Louis Moore Bacon (Trades, Portfolio), manager of a top New York-based hedge fund, invests in markets using a “global macro strategy.”


    The Moore Capital manager has been considered one of the best traders in the 1900s and has ranked in the top 20 money earners since the 1990s. During the second quarter, Bacon invested in three top U.S. banks: Bank of America Corp. (NYSE:BAC), Citigroup Inc. (NYSE:C) and JPMorgan Chase & Co. (NYSE:JPM).

      


  • Bruce Berkowitz Increases 3 Positions in 2nd Quarter

    Bruce Berkowitz,Fairholme Fund - Bruce Berkowitz Increases 3 Positions In 2nd Quarter

    Established Dec. 29, 1999, the Fairholme Fund (Trades, Portfolio) seeks long-term capital growth through various equity securities, including common company stock and real-estate investment trust interests.


    Chief Investment Officer Bruce Berkowitz (Trades, Portfolio) added to three positions during the second quarter: Sears Holdings Inc. (NASDAQ:SHLD), Bank of America Corp. (NYSE:BAC) and The St. Joe Co. (NYSE:JOE).

      


  • Bruce Berkowitz Comments on AIG

    Except for last year’s large tax bill, we have little to complain about. Our views on AIG (NYSE:AIG) are well documented. Remaining warrants are attractive given (i) a 2021 expiry, repricing terms, and related stock price, and (ii) increases in underwriting margins, operational efficiencies, and share repurchases.

    Finding new investments is always difficult. It’s certain to be so, but as opportunities emerge in new sectors and securities, our Funds have the necessary liquidity. The appendix to this letter shows performance and issuer data for each Fund. I look forward to providing additional information during our next conference call in October.

      


  • Bruce Berkowitz Comments on Bank of America

    Improving operating efficiencies more than counter declining net interest margins. Bank of America (NYSE:BAC)’s return on tangible assets has hit our 10% goal. Yet, common share prices remain below tangible assets (on a per share basis). Recent regulatory approval for a 50% increase in dividends and another $5 billion of stock buybacks will improve capital allocation.

      


  • Bruce Berkowitz Comments on Atwood

    The Funds own senior bonds of Atwood (NYSE:ATW) due 2020 with a 17% yield to maturity. Year-to-date, Atwood has retired over 30% these bonds due 2020 via open market purchases and a $150 million cash tender offer announced in late June. These events indicate that management believes it has the financial wherewithal to meet all obligations and take advantage of market mispricing. An existing $220 million cash balance, available credit line, and current contractual backlog provide ample liquidity. Atwood’s fleet of 11 high-spec rigs has a superb operating record and management continues to blend and extend transaction dates with both customers and suppliers.

      


  • Bruce Berkowitz Comments on Chesapeake Energy

    Short-duration bonds of Chesapeake Energy (NYSE:CHK), such as the 7.250% bonds maturing in 2018, were purchased at substantial discounts to par to yield double digit returns. Chesapeake is one of America’s largest producers of natural gas, oil, and natural gas liquids. The company’s assets span numerous U.S. shale basins. New management has navigated the cyclical downturn in oil and gas prices by cutting costs, raising liquidity, and reducing outstanding debt to the lowest level in the last nine years. Though we normally shy away from commodity price forecasting, data shows that natural gas markets have tightened due to waning production growth, expanding exports (to Mexico or via liquefied natural gas), and record domestic demand for electricity generation. Price forges its own anchor. While the company maintains an active hedging program to mitigate future commodity price fluctuations, small improvements in commodity prices can have a significantly positive impact on Chesapeake’s operating results. The company’s $4 billion revolving credit facility was recently reaffirmed and remains almost entirely untapped, which should provide flexibility for Chesapeake to renegotiate gas gathering contracts and shed additional assets to further reduce obligations.

    From Bruce Berkowitz (Trades, Portfolio)'s first-half 2016 letter to shareholders.   


  • Bruce Berkowitz Comments on Imperial Metals Corp

    “Copper is used in everything from automobiles to air conditioners, but it has one property that makes it especially attractive for medical use: it kills bacteria” – a new demand.10 Imperial Metals (TSX:III) is on pace to double annual copper output and rival the lowest-cost producers with its Red Chris mine. Further improvements in production and recovery rates at both Red Chris and Mount Polley will generate significant cash profits. Higher prices will speed repayment of debts and plans for new developments within.

    From Bruce Berkowitz (Trades, Portfolio)'s first-half 2016 letter to shareholders.   


  • Bruce Berkowitz Comments on St. Joe

    St. Joe (NYSE:JOE) is accelerating development plans to meet growing demand for commercial and residential properties in Northwest Florida. The company’s joint venture commercial development project at Pier Park North is now 93% leased, with four new tenants recently added to the rent roll. VentureCrossings, an industrial and technology park adjacent to the Northwest Florida Beaches International Airport, is generating interest. The WaterSound Origins residential project will surpass 270 homes in the next year, with more residential and commercial development expected. The company is evaluating opportunities to (i) dispose of additional non-core assets, (ii) build a portfolio of income-producing commercial properties, and (iii) further reduce operating expenses – all positive trends. We remain optimistic about St. Joe’s current trajectory and owned land – a good hedge against rising inflation.


    From Bruce Berkowitz (Trades, Portfolio)'s first-half 2016 letter to shareholders.   


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