A reader just sent me an excel sheet of Fairholme’s latest holdings compared to last Q. I would suggest checking out an articles, which I posted about Bruce Berkowitz on this topic, Bruce Berkowitz: From Free Cash Flow To Distressed Financials Investor (sept 2011), and Bruce Berkowitz: Where Is The Free Cash Flow? (Aug 2010). I think the latest fillings confirm what I have been saying for the past year.