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"Breaking News" on Fairholme Positions (just posted)
"SAN FRANCISCO (MarketWatch) -- Fairholme Capital Management's Bruce Berkowitz scaled back exposure to financial and telecommunications companies during the fourth quarter, according to a regulatory filing submitted Tuesday."
> When you go from over $21B at the beginning of the year (2011) to under $8B in assets by the end of the year (in fact they are at $7.4B now) --- you've got to (or actually forced to) scale back your positions especially if you want to keep at least some cash buffer space as that all got completely depleted from redemptions.
Thanks Ted. The article lists about 6+ positions that Berkowitz trimmed. Given that his funds are so highly concentrated (and then, in financials and related), I'm wondering if it wasn't likely he was selling to meet redemptions or re-establish cash reserves?
Comments
Ted
http://www.marketwatch.com/story/story?Guid=d29e675e-3ed7-4dc9-8833-827c2306931b&link=MW_home_latest_news
> When you go from over $21B at the beginning of the year (2011) to under $8B in assets by the end of the year (in fact they are at $7.4B now) --- you've got to (or actually forced to) scale back your positions especially if you want to keep at least some cash buffer space as that all got completely depleted from redemptions.
The article lists about 6+ positions that Berkowitz trimmed. Given that his funds are so highly concentrated (and then, in financials and related), I'm wondering if it wasn't likely he was selling to meet redemptions or re-establish cash reserves?