As Bruce Berkowitz's Fairholme fund faces his worst year ever, aum has dwindled from $23billion to under $10b. This has been a result of both redumptions and large losses on financials. I noticed in late 2010 that Berkowitz was shifting his style and endangering the fund's future. Here are two accompanying articles, which I have previously authored- Bruce Berkowitz: Where is the free Cash Flow? and Bruce Berkowitz: From Free Cash Flow to Distressed Financials Investor (September 25th, 2011).
Bruce Berkowitz recently released a document defending his investments, and explaining his stake in Bank of America: