WSJ has a good article on Bruce Berkowitz of Fairholme Fund.
Excerpt:
Finish reading How Fairholme Is Breaking Wall Street's Rules by Brett Arends at wsj.com.
Check out Fairholme Fund's latest portfolio holdings and trading activities here.
GuruFocus provides real time information and insights of Investment Gurus such as Warren Buffett and Bruce Berkowitz for Premium Members. If you are not a premium member, click here to sign up or upgrade. 7-Day Free Trial is available.
Excerpt:
How is Bruce Berkowitz making your mutual fund managers look bad? Easy. By doing all the things they say can't be done. Most fund companies say you can't time the market. He has. They say you shouldn't hold lots of cash in an equity fund. He does. They say you mustn't put too much money into a few stocks. He does that, too.
No doubt the time will come when Mr. Berkowitz, too, trips up. But so far, in its first decade, his Fairholme Fund has put most of Wall Street to shame. Fairholme has made an average annual return of about 13%, says Lipper, inc.. That's turned an initial investment of $10,000 into about $35,000. It's the top fund of the past decade. Over the same period, the Standard & Poor's 500 Index has lost money. So far this year, Fairholme is up another 10%. The S&P 500: About 2%.
And the word is out. Fairholme is this year's fastest-selling domestic equity fund, says Morningstar. Financial Research Corp., which tracks the industry, estimates investors have poured about $3 billion into the fund so far this year, raising its total assets to nearly $15 billion. The rest of Wall Street? Over the same period, U.S. investors have actually yanked billions from other stock funds.
Finish reading How Fairholme Is Breaking Wall Street's Rules by Brett Arends at wsj.com.
Check out Fairholme Fund's latest portfolio holdings and trading activities here.
GuruFocus provides real time information and insights of Investment Gurus such as Warren Buffett and Bruce Berkowitz for Premium Members. If you are not a premium member, click here to sign up or upgrade. 7-Day Free Trial is available.
