Now he sees plenty of good values. On the one hand, Fairholme fund, which he's run since its late launch, is again beating the stock market by eight percentage points in early November. And yet the swoon in share prices that is responsible for Fairholme's losses also brings a smile to Berkowitz's face. The candy store is wide open, and the bargain-hunting Berkowitz, 50, feels like a kid again.
Berkowitz Published on October 13, According to an article on Barron. Joe Company this morning at the Value Investing Congress. He is most well known for his early warnings forecasting the demise of Lehman Brothers.
In the case of St. Einhorn is taking a position directly opposite to many other prominent value investors, most notably Bruce Berkowitz who controls 29 percent of St.
Joe shares through The Fairholme Fund. Beautiful Land or Dreary Acreage? The recent opening of a new international airport built on land donated by St. Joe is supposed to serve as a catalyst for tourism and vacation housing.
While the land holdings are within close proximity of the Gulf Coast, it appears that the company escaped major direct impact from the Deepwater Horizon oil spill, although St. Joe has filed lawsuits alleging related economic damages including a claim against Transocean filed on October Einhorn cast doubt on the quality of St.
The bearish thesis seems to rest on the assumption that St. Joe has overstated the value of its remaining land holdings. With the best acreage sold during the real estate boom, Mr. Einhorn was asked about Mr.
Joe and said that he reached out to debate the stock with him but is still waiting for a response. The video below from May features Mr. Berkowitz presenting the bullish case for St. According to more recent comments as well as his continued ownershipit appears that his views remain basically unchanged: Do Your Own Work… Many investors closely monitor the holdings of well regarded managers when searching for investment candidates.
This practice makes a great deal of sense as part of an idea sourcing strategy, but it is never a good idea to simply follow a well regarded investor into a stock.
As we can see from the case of St. Joe, well regarded value investors will excellent track records can look at the same set of facts and come to completely opposite conclusions. Joe, but it is clear that both Mr.
We have no position regarding whether the bullish or bearish thesis for St. One of the reasons is that St.
Joe may be one situation where the company cannot be evaluated properly without actually looking at the land in question directly. Joe shares are actually buying acreage, and clearly the beauty or lack thereof of this land is in the eye of the beholder.
The current controversy makes it even more interesting to consider inspecting the land directly. Update — October 13, 7: No position in The St.In the case of St.
Joe, Mr. Einhorn is taking a position directly opposite to many other prominent value investors, most notably Bruce Berkowitz who controls 29 . Watch video · Bruce Berkowitz, the founder and chief investment officer of Fairholme Funds, has hit a rough patch with his flagship fund. According to the latest S.E.C.
filing on May 10, Bruce Berkowitz’s Fairholme Funds owned million shares, or 21 percent of outstanding shares. Leucadia National Corporation owned million shares, or 25 percent of the company, as of March Bruce Berkowitz, Fairholme Capital Management's Founder, Managing Member, and Chief Investment Officer, will host a one-hour conference call on February 3, , at 11 AM ET.
Fred Fraenkel, Fairholme’s President and Chief Research Officer, will also participate. Download-Theses Mercredi 10 juin American International Group: Berkowitz has disclosed that his average purchase price per share for AIG is $ It is the largest holding at ~27% of the portfolio excluding cash.
Government owns 77% of AIG as a result of the bailout, and it still owes the government around $B.