Here's a statement of the obvious: The opinions expressed here are those of the participants, not those of the Mutual Fund Observer. We cannot vouch for the accuracy or appropriateness of any of it, though we do encourage civility and good humor.
Sears down 9.55% today......Amazing volatility in this stock. Looks like it is down another 0.96% after hours. Interesting to see what FAAFX and FAIRX will do today
Sears down 9.55% today......Amazing volatility in this stock.
It's because the public float has shrunk so much that Sears was taken out of the S & P 500 a couple of years ago. Plus, you have 65% of the float short. It's basically a tug-of-war between Lampert/Berkowitz and assortment of fund managers with smaller positions vs the shorts.
Shares Outstanding5: 106.47M Float: 49.44M Shares Short (as of Oct 15, 2014)3: 17.35M Short Ratio (as of Oct 15, 2014)3: 9.30 Short % of Float (as of Oct 15, 2014)3: 65.10% Shares Short (prior month)3: 17.19M
Yeah, and on that note I think it's time to go. I have been a FAIRX investor since pretty close to inception but I'm getting the feeling that Berkowitz cares squat about the shareholders in this fund. Looks more and more all the time that he's using FAIRX as his own personal sandbox and his fellow shareholders can just go somewhere else if they don't like it. To wit:
- the fund was closed, then reopened but not totally. Available some places but not others telling me he doesn't care if you invest with him or not. - shareholder communications are nearly nonexistent and even the semi- and annual reports reveal little, if any, information. Seems to be doing just the basic minimum here to keep the fund listed as a mutual fund. - if it looks more like a hedge fund, walks more like a hedge fund and talks more like a hedge fund I'm thinking it probably is a hedge fund. I mean can anybody outside of Mr. Berkowitz explain the current holdings makeup. And people think I'm psycho....
Trouble is, figuring out where to invest the proceeds.
Have you thought about BRK-B as a substitute? You get what is essentially a very diversified closed end fund, with superb management and no fees. Like you I was a very long time FAIRX investor but I made the switch. In the old days BB held a big chunk of BRK and acted like Buffet. That time has long passed.
Have you thought about BRK-B as a substitute? You get what is essentially a very diversified closed end fund, with superb management and no fees. Like you I was a very long time FAIRX investor but I made the switch. In the old days BB held a big chunk of BRK and acted like Buffet. That time has long passed.
Long BRK-B. MKL is another, as is Canadian Buffett (Fairfax, FRFHF.pk)
Yacktman (forget if those are still open?) would be a better "set it and forget it" option.
@ ValueSeeker - a most excellent idea, don't know what I was thinking. It's been on my watch list for some time now but I've been so focused on dividend growth stocks lately I completely overlooked it. Thanks.
@ Scott - Markel is a bit too rich for me and I've looked at Fairfax several times in the past. Just haven't pulled the trigger yet but thanks for your input.
Comments
Shares Outstanding5: 106.47M
Float: 49.44M
Shares Short (as of Oct 15, 2014)3: 17.35M
Short Ratio (as of Oct 15, 2014)3: 9.30
Short % of Float (as of Oct 15, 2014)3: 65.10%
Shares Short (prior month)3: 17.19M
http://www.marketwatch.com/story/sears-booted-from-sp-500-over-public-float-level-2012-08-29
- the fund was closed, then reopened but not totally. Available some places but not others telling me he doesn't care if you invest with him or not.
- shareholder communications are nearly nonexistent and even the semi- and annual reports reveal little, if any, information. Seems to be doing just the basic minimum here to keep the fund listed as a mutual fund.
- if it looks more like a hedge fund, walks more like a hedge fund and talks more like a hedge fund I'm thinking it probably is a hedge fund. I mean can anybody outside of Mr. Berkowitz explain the current holdings makeup. And people think I'm psycho....
Trouble is, figuring out where to invest the proceeds.
Have you thought about BRK-B as a substitute? You get what is essentially a very diversified closed end fund, with superb management and no fees. Like you I was a very long time FAIRX investor but I made the switch. In the old days BB held a big chunk of BRK and acted like Buffet. That time has long passed.
Yacktman (forget if those are still open?) would be a better "set it and forget it" option.
@ Scott - Markel is a bit too rich for me and I've looked at Fairfax several times in the past. Just haven't pulled the trigger yet but thanks for your input.