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:
Relying On Old-Fashioned Stock Picking, Lee Ainslie Reports His “Strongest Quarter” Ever
Lee Ainslie's Maverick Fund USA enjoyed its "strongest quarter in the fund's history" during the three months to the end of June. According to a copy of the firm's second-quarter letter to investors, which ValueWalk has been able to review, Maverick Fund USA gained 18% in the second quarter. Following this performance, the fund was Read More