Liberty Posted September 29, 2014 Share Posted September 29, 2014 Here's a little extra that was left out of the interview that aired: http://wealthtrack.com/webextra/bruce-berkowitz-museum-investment/ Link to comment Share on other sites More sharing options...
Grenville Posted September 29, 2014 Share Posted September 29, 2014 Berkowitz interview on Wealthtrack : Not much new, but worth a half hour of your time. http://wealthtrack.com/recent-programs/berkowitz-powerful-financials/ valuecfa, Enjoyed this interview! Thanks for posting. Link to comment Share on other sites More sharing options...
Matson125 Posted September 29, 2014 Share Posted September 29, 2014 http://www.exmiami.org/index.php/megamind-of-miami-to-build-intimidating-looking-headquarters-on-biscayne-boulevard/ Link to comment Share on other sites More sharing options...
jeffmori7 Posted September 29, 2014 Share Posted September 29, 2014 http://www.exmiami.org/index.php/megamind-of-miami-to-build-intimidating-looking-headquarters-on-biscayne-boulevard/ I would have thought they would renovate an old Sears or Kmart store to get nice headquarters :) Link to comment Share on other sites More sharing options...
bantrader Posted September 30, 2014 Share Posted September 30, 2014 Don't you think it's strange that throughout the interview Berko did not mention his position in Sears Holding? Link to comment Share on other sites More sharing options...
peter1234 Posted September 30, 2014 Share Posted September 30, 2014 Don't you think it's strange that throughout the interview Berko did not mention his position in Sears Holding? He might save his comments until he sees an upward trajectory. Or he can't really talk about it due to what is going on with St. Joe and ESL. ;) Link to comment Share on other sites More sharing options...
merkhet Posted September 30, 2014 Share Posted September 30, 2014 It was an interview focused on just financial institutions -- so no, it's not strange that Sears was left off. Link to comment Share on other sites More sharing options...
BargainValueHunter Posted September 30, 2014 Share Posted September 30, 2014 http://www.exmiami.org/index.php/megamind-of-miami-to-build-intimidating-looking-headquarters-on-biscayne-boulevard/ "Fairholme Bubble"? I don't know if "Megamind of Miami" is appropriate anymore as a nickname for this guy. Link to comment Share on other sites More sharing options...
stahleyp Posted September 30, 2014 Share Posted September 30, 2014 http://www.exmiami.org/index.php/megamind-of-miami-to-build-intimidating-looking-headquarters-on-biscayne-boulevard/ "Fairholme Bubble"? I don't know if "Megamind of Miami" is appropriate anymore as a nickname for this guy. I like Berkowitz but I'm not a fan of the nickname...or this building. Anyone remember this one? http://fortune.com/2010/12/10/bruce-berkowitz-the-megamind-of-miami/ The next year was...ehhhh, yeah, let's not talk about that one! :P Link to comment Share on other sites More sharing options...
bargainman Posted October 2, 2014 Share Posted October 2, 2014 the Yahoo finance is quoting me a 10% drop in FAAFX. is anyone else seeing this ? 11.89 Down 1.44(10.80%) Oct 1 the underlying stocks don't look that bad so I'm not sure what's going on. Link to comment Share on other sites More sharing options...
Mephistopheles Posted October 2, 2014 Share Posted October 2, 2014 the Yahoo finance is quoting me a 10% drop in FAAFX. is anyone else seeing this ? 11.89 Down 1.44(10.80%) Oct 1 the underlying stocks don't look that bad so I'm not sure what's going on. http://www.cornerofberkshireandfairfax.ca/forum/general-discussion/fnma-and-fmcc-preferreds-in-search-of-the-elusive-10-bagger/ Link to comment Share on other sites More sharing options...
merkhet Posted October 2, 2014 Share Posted October 2, 2014 Yup, that equates to roughly the amount that the fund went down because of Fannie & Freddie preferred and common stock that he holds. Link to comment Share on other sites More sharing options...
fareastwarriors Posted October 2, 2014 Share Posted October 2, 2014 Yup, that equates to roughly the amount that the fund went down because of Fannie & Freddie preferred and common stock that he holds. As a shareholder, ouch. Link to comment Share on other sites More sharing options...
dutchman Posted October 2, 2014 Share Posted October 2, 2014 He'll be dumping aig to meet redemptions. Damn. Link to comment Share on other sites More sharing options...
CorpRaider Posted October 2, 2014 Share Posted October 2, 2014 Yeah could be some nasty year end q1 tax loss selling and redemptions after people get their statements. Fortuitous that is came out on first day of quarter... Link to comment Share on other sites More sharing options...
merkhet Posted October 2, 2014 Share Posted October 2, 2014 Yea, that's my guess as well -- AIG will probably be jettisoned to meet redemptions. Link to comment Share on other sites More sharing options...
fareastwarriors Posted October 2, 2014 Share Posted October 2, 2014 I will make a small contribution! ;) surely my $1000 will even out the redemptions Link to comment Share on other sites More sharing options...
BargainValueHunter Posted October 2, 2014 Share Posted October 2, 2014 Anyone following his hedge fund? http://www.cnbc.com/id/101341966 Link to comment Share on other sites More sharing options...
wisdom Posted October 2, 2014 Share Posted October 2, 2014 He has 15% cash Link to comment Share on other sites More sharing options...
dcollon Posted October 2, 2014 Share Posted October 2, 2014 Berkowitz’s Fairholme Loses Annual Gain on Fannie-Freddie http://www.bloomberg.com/news/2014-10-02/berkowitz-s-fairholme-loses-annual-gain-in-day-on-fannie-freddie.html Link to comment Share on other sites More sharing options...
BargainValueHunter Posted October 12, 2014 Share Posted October 12, 2014 Uh oh... http://www.miamiherald.com/news/local/community/miami-dade/midtown/article2684594.html Both works were acquired for the site, a vacant block at Biscayne and Northeast 26th Street in the Edgewater neighborhood, by Bruce Berkowitz, founder of Miami-based Fairholme Capital Management. Berkowitz, dubbed “the megamind of Miami” by Fortune magazine for his market-beating proficiency at contrarian investing, has been quietly assembling land since last year to build a new headquarters for his company and foundation that would also incorporate a public showcase for art. Berkowitz said he chose Edgewater because of the National YoungArts Foundation’s move in 2012 into the historically and architecturally iconic former Bacardi headquarters five blocks to the south on Biscayne Boulevard. He had been contemplating the idea of a building that could combine his business and art interests in one location when he found out “by accident” that the Turrell and Serra works were available, Berkowitz said. “We wanted to create a unique space that combined both work and play — business and arts and education,” Berkowitz said. “We thought about the idea of how to mix that all together, and there was an opportunity to purchase the works, and then we started to think about the building in relationship to the works.” Maybe Berkowitz should spend more time figuring out how he is going to somehow get above water in Sears Holdings. Link to comment Share on other sites More sharing options...
Kraven Posted October 12, 2014 Share Posted October 12, 2014 Uh oh... http://www.miamiherald.com/news/local/community/miami-dade/midtown/article2684594.html Both works were acquired for the site, a vacant block at Biscayne and Northeast 26th Street in the Edgewater neighborhood, by Bruce Berkowitz, founder of Miami-based Fairholme Capital Management. Berkowitz, dubbed “the megamind of Miami” by Fortune magazine for his market-beating proficiency at contrarian investing, has been quietly assembling land since last year to build a new headquarters for his company and foundation that would also incorporate a public showcase for art. Berkowitz said he chose Edgewater because of the National YoungArts Foundation’s move in 2012 into the historically and architecturally iconic former Bacardi headquarters five blocks to the south on Biscayne Boulevard. He had been contemplating the idea of a building that could combine his business and art interests in one location when he found out “by accident” that the Turrell and Serra works were available, Berkowitz said. “We wanted to create a unique space that combined both work and play — business and arts and education,” Berkowitz said. “We thought about the idea of how to mix that all together, and there was an opportunity to purchase the works, and then we started to think about the building in relationship to the works.” Maybe Berkowitz should spend more time figuring out how he is going to somehow get above water in Sears Holdings. The whole monument to himself thing strikes me as odd especially since I believe he said he prefers to work from home. I remember a picture of him in his home office with a lap dog or something. Link to comment Share on other sites More sharing options...
frog03 Posted October 12, 2014 Share Posted October 12, 2014 Berkowitz has barely beaten the market over the last 10 years... Link to comment Share on other sites More sharing options...
stahleyp Posted October 12, 2014 Share Posted October 12, 2014 Berkowitz has barely beaten the market over the last 10 years... He's beaten it by about .75% annually over the past decade (which is top 9% of his peers according to morningstar). That includes terrible years like 2011 and this year. Since inception, his fund has destroyed the S&P 500. A $10,000 invest in FAIRX at inception would now be almost $49,000 vs about $17,300 for the S&P 500. Link to comment Share on other sites More sharing options...
mhdousa Posted October 12, 2014 Share Posted October 12, 2014 Berkowitz has barely beaten the market over the last 10 years... He's beaten it by about .75% annually over the past decade (which is top 9% of his peers according to morningstar). That includes terrible years like 2011 and this year. Since inception, his fund has destroyed the S&P 500. A $10,000 invest in FAIRX at inception would now be almost $49,000 vs about $17,300 for the S&P 500. I think the 10-year ranking speaks more towards the general poor quality of most mutual funds and the difficulty for funds in the Large Value category (which is where morningstar places FAIRX) to distinguish themselves. Most of Fairholme's outperformance came in its earlier years when it was much smaller and Berkowitz wasn't a media whore. See the attached 5-year rolling returns. Since rolling periods starting around 2007, it has been worse than the index. Link to comment Share on other sites More sharing options...
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