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Holly LaFon
Holly LaFon
Articles (6214) 

Bruce Berkowitz Comments on Bank of America

August 03, 2012 | About:

From Bruce Berkowitz's second-quarter letter:

Bank of America (BAC) is the Fund's next largest financial holding (9% of the Fund) affected by the great housing price collapse. The company's reported book value is over $20 per share. We believe that America's bank is returning to its retail roots (think of Wells Fargo) with a $1 trillion deposit franchise and that bank profits will skyrocket as legacy real estate loans burn-off.


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