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Wow, let's hope Mr. Berkowitz's bet pans out for the existing shareholders. Bill Nygren of Oakmark Select fund kept on buying Washington Mutual was it was collapsing. In the end it cost the shareholders dearly.
Does Vanguard operates in Canada as well? Fees are higher across the boarder.
Reply to @Maurice: For awhile Bill Nygren was the darling in the mutual fund universe. Then he doubled his bet on Washington Mutual on the way down. Afterward he is nowhere to be found in the press... Concentrated portfolio would work for short term basis, but when things go wrong it can get very ugly.
I invested with Bill Nygren at the inception, and got out when I realized that majority of earning of Washington Mutual came from underwriting home loans including subprime loans.
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Does Vanguard operates in Canada as well? Fees are higher across the boarder.
I invested with Bill Nygren at the inception, and got out when I realized that majority of earning of Washington Mutual came from underwriting home loans including subprime loans.