These are the trades for Bruce Berkowitz and his Fairholme Fund according to Gurufocus.com
- New Purchases: AIG, BAC,
- Added Positions: C, CMCSK, RF, RRR,
- Reduced Positions: BRK.B, DJCO,
- Sold Out: BMY, FRX, KO, MI, PFE, PWE, URI, WLP, WTM
It’s obvious where the portfolio is heading, financials. It’s a classic Bruce Berkowitz portfolio move and sure is sticking to the Fairholme Fund’s slogan of “Ignoring the Crowd”.
Bruce Berkowitz Buys Goldman Sachs
The one big trade not too many people are catching on to is his trade in Goldman Sachs (GS). I found this story by StreetInsider.com highlighting his speech at the Value Investing Congress in which he discloses his stake:
“Speaking at the Value Investing Congress currently going on in Pasadena, Fairholme Capital Management’s Bruce Berkowitz has just disclosed that he has a reportedly “giant stake” in Goldman Sachs (NYSE: GS). The fund manager did not give any specific numbers on the size of his stake, however, but told the audience that, according to a Bloomberg headline, “it’s the first time I’ve told anyone” about the stake.”
Earlier this month, Morningstar reported on the trade. If this isn’t “Ignoring the Crowd” I don’t know what is, check out his thesis for Goldman.
The Fairholme Fund manager said he “didn’t see” the government’s case against Goldman, adding that as a market maker, the investment bank didn’t do anything its peers weren’t doing. – Source: http://news.morningstar.com/articlenet/article.aspx?id=336063
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Mon, May 17, 2010
Bruce Berkowitz, Value Investing