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Value investing is not easy. The easiest part may actually be identifying mispriced securities. The hard part is then waiting for Mr. Market to figure out what you know and value those securities properly.
Value investing is hard for a private investor who can wait years for value to be realized. For a fund manager like Bruce Berkowitz it must be one hundred times harder. While Berkowitz can wait for value to be realized, his fund investors may not be quite so patient. And that has been the case as despite an outstanding long term track record, Berkowitz has seen billions of dollars exit his fund as a result of his recent short term underperformance.
Bruce has a new presentation (below) detailing the value investing process:
071012-FairholmeStaysTheCourse
New Presentation On Value Investing From Bruce Berkowitz
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Becomingbuffett 
- 10 months ago
- 10 months ago I think it's a great presentation. Berkowitz's long-term record is pretty good. Yes, he had a terrible year in 2011. Many of those positions contributed to his rebound this year, though.
I respect him for ignoring the crowd, sticking to his guns, taking his lumps and carrying on. He's made mistakes as we all have, but he's done a great deal right, too.
I respect him for ignoring the crowd, sticking to his guns, taking his lumps and carrying on. He's made mistakes as we all have, but he's done a great deal right, too.
Paulwitt - 10 months ago
- 10 months ago I admit it. I hired him to run part of my portfolio. It's sure nice offloading some of the workload!
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Look at us, we're no different than Berkshire or Leucadia......come back.....................
I think if anything, since he owns Berkshire and always has had some allocation to BRK and I think he's owned LUK also (not totally sure though), he's showing his investors 2 other options for their money.