(GuruFocus, August 24, 2009) Forbes.com has released the complete video in which Steve Forbes interviewed Bruce Berkowitz. Berkowitz talked extensively about his holdings. Aside from his outstanding track record, at GuruFocus we also appreciate single-minded pursuit for cash-flow yield in stock selection, his concentration in positions and his openness in discussing these positions.
If you follow Berkowtiz for some time, you will realize he just re-told the same thesis on some of the stocks, such as those in health care and defense industry. What I found it noteworthy is his new thinking on Berkshire Hathaway (BRK-A) (BRK-B). In 2Q09, Berkowitz re-entered Berkshire after he effectively sold out during last year. Now he has come back with these stated reasons:
Here is the complete video: http://www.forbes.com/2009/08/21/berkowitz-fairholme-pfizer-intelligent-investing-video.html
As a background, here are the top holdings of Bruce Berkowitz ‘s Fairholm Fund as of June 30, 2009. You may find this information handy as you watch the video:
No. 1: Pfizer Inc (PFE, Financial), Weightings: 18.39% - 87,182,848 Shares
Pfizer Inc is a research-based global pharmaceutical company. Pfizer has three business segments: health care, animal health and consumer health care. Its products are available in numerous countries. (Company Press Release) Pfizer Inc has a market cap of $112.29 billion; its shares were traded at around $16.64 with a P/E ratio of 7.27 and P/S ratio of 2.32. The dividend yield of Pfizer Inc stocks is 3.85%. Pfizer Inc had an annual average earning growth of 11% over the past 10 years. GuruFocus rated Pfizer Inc the business predictability rank of 2.5-star.
No. 2: Sears Holdings Corp. (SHLD), Weightings: 12.7% - 13,576,439 Shares
Sears Holdings Corporation the parent of Kmart and Sears Roebuck and Co. is a home appliance retailer in North America and is a retailer in tools lawn and garden home electronics and automotive repair and maintenance. Sears Holdings Corp. has a market cap of $7.92 billion; its shares were traded at around $66.02 with a P/E ratio of 25.39 and P/S ratio of 0.17. Sears Holdings Corp. had an annual average earning growth of 45% over the past 5 years.
No. 3: Forest Laboratories Inc. (FRX, Financial), Weightings: 6.41% - 18,147,244 Shares
Forest Laboratories Inc. and its subsidiaries develop manufacture and sell both branded and generic forms of ethical drug products which require a physician's prescription as well as non-prescription pharmaceutical products sold over-the-counter. Forest Laboratories Inc. has a market cap of $8.68 billion; its shares were traded at around $28.78 with a P/E ratio of 8.32 and P/S ratio of 2.21. Forest Laboratories Inc. had an annual average earning growth of 30.7% over the past 10 years. GuruFocus rated Forest Laboratories Inc. the business predictability rank of 2.5-star.
No. 4: The St. Joe Company (JOE, Financial), Weightings: 9.22% - 24,751,543 Shares
St. Joe Company is one of the Southeast's largest real estate operating companies. The St. Joe Company has a market cap of $3.12 billion; its shares were traded at around $33.69 with and P/S ratio of 11.8. The St. Joe Company had an annual average earning growth of 5.4% over the past 10 years.
No. 5: Hertz Global Holdings Inc. (HTZ, Financial), Weightings: 6.61% - 58,817,361 Shares
HERTZ GLOBAL HOLDING is the world’s largest general use car rental brand operating from approximately 8100 locations in 147 countries worldwide. Hertz is the number one airport car rental brand in the U.S. and at 69 major airports in Europe operating both corporate and licensee locations in cities and airports in North America Hertz Global Holdings Inc. has a market cap of $4.07 billion; its shares were traded at around $10.81 with and P/S ratio of 0.48.
GuruFocus keeps track of the investment moves of Investment Gurus such as Warren Buffett and Bruce Berkowitz. More information is available to Premium Member. If you are not a premium member, click here to sign up or upgrade. 7-Day Free Trial is available.Â
If you follow Berkowtiz for some time, you will realize he just re-told the same thesis on some of the stocks, such as those in health care and defense industry. What I found it noteworthy is his new thinking on Berkshire Hathaway (BRK-A) (BRK-B). In 2Q09, Berkowitz re-entered Berkshire after he effectively sold out during last year. Now he has come back with these stated reasons:
.
Berkowitz …But given the dislocations that we've just gone through, and given the sort of Rock of Gibraltar balance sheet of Berkshire Hathaway, and given the cash he had on hand, he has been able to put a tremendous amount of cash to work. So besides the fact that the Berkshire Hathaway stock price went down, and at the same time he's making some tremendous investments in various industries, whether it's General Electric, Swiss Re, Goldman Sachs. And, and given also some of the other fixed income deals he's done, and some of the insurance on the indices done, he's really, Berkshire Hathaway is positioned to have a nice little spurt, at least a regression back to its mean from where it's come from. But after all, Berkshire's hardly done anything for about 10 years now. So it's had a nice rest break.
Here is the complete video: http://www.forbes.com/2009/08/21/berkowitz-fairholme-pfizer-intelligent-investing-video.html
As a background, here are the top holdings of Bruce Berkowitz ‘s Fairholm Fund as of June 30, 2009. You may find this information handy as you watch the video:
No. 1: Pfizer Inc (PFE, Financial), Weightings: 18.39% - 87,182,848 Shares
Pfizer Inc is a research-based global pharmaceutical company. Pfizer has three business segments: health care, animal health and consumer health care. Its products are available in numerous countries. (Company Press Release) Pfizer Inc has a market cap of $112.29 billion; its shares were traded at around $16.64 with a P/E ratio of 7.27 and P/S ratio of 2.32. The dividend yield of Pfizer Inc stocks is 3.85%. Pfizer Inc had an annual average earning growth of 11% over the past 10 years. GuruFocus rated Pfizer Inc the business predictability rank of 2.5-star.
No. 2: Sears Holdings Corp. (SHLD), Weightings: 12.7% - 13,576,439 Shares
Sears Holdings Corporation the parent of Kmart and Sears Roebuck and Co. is a home appliance retailer in North America and is a retailer in tools lawn and garden home electronics and automotive repair and maintenance. Sears Holdings Corp. has a market cap of $7.92 billion; its shares were traded at around $66.02 with a P/E ratio of 25.39 and P/S ratio of 0.17. Sears Holdings Corp. had an annual average earning growth of 45% over the past 5 years.
No. 3: Forest Laboratories Inc. (FRX, Financial), Weightings: 6.41% - 18,147,244 Shares
Forest Laboratories Inc. and its subsidiaries develop manufacture and sell both branded and generic forms of ethical drug products which require a physician's prescription as well as non-prescription pharmaceutical products sold over-the-counter. Forest Laboratories Inc. has a market cap of $8.68 billion; its shares were traded at around $28.78 with a P/E ratio of 8.32 and P/S ratio of 2.21. Forest Laboratories Inc. had an annual average earning growth of 30.7% over the past 10 years. GuruFocus rated Forest Laboratories Inc. the business predictability rank of 2.5-star.
No. 4: The St. Joe Company (JOE, Financial), Weightings: 9.22% - 24,751,543 Shares
St. Joe Company is one of the Southeast's largest real estate operating companies. The St. Joe Company has a market cap of $3.12 billion; its shares were traded at around $33.69 with and P/S ratio of 11.8. The St. Joe Company had an annual average earning growth of 5.4% over the past 10 years.
No. 5: Hertz Global Holdings Inc. (HTZ, Financial), Weightings: 6.61% - 58,817,361 Shares
HERTZ GLOBAL HOLDING is the world’s largest general use car rental brand operating from approximately 8100 locations in 147 countries worldwide. Hertz is the number one airport car rental brand in the U.S. and at 69 major airports in Europe operating both corporate and licensee locations in cities and airports in North America Hertz Global Holdings Inc. has a market cap of $4.07 billion; its shares were traded at around $10.81 with and P/S ratio of 0.48.
GuruFocus keeps track of the investment moves of Investment Gurus such as Warren Buffett and Bruce Berkowitz. More information is available to Premium Member. If you are not a premium member, click here to sign up or upgrade. 7-Day Free Trial is available.Â
