Wednesday, December 28, 2011

The Dirty Dozen: Fairholme Fund's 12 Largest Holdings

If there is one person for whom 2011 cannot end soon enough, it is Bruce Berkowitz.  The manager of the Fairholme Fund (FAIRX) has had a year where practically all of his holdings have been taken out to the woodshed one by one, resulting in a year to date decline of more than 30% for the fund.

As if the year wasn't bad enough already, today the fund's third largest holding, Sears Holdings (SHLD), announced a 5.2% decline in same store sales and that it would close more than 100 stores.  As a result, SHLD is down more than 25% today alone and 53% YTD.  The table below lists the Fairholme funds 12 largest holdings as of its most recent filing. As shown, all but one of the stocks is down on the year, and three are down more than 50%!

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Lunch is for wimps

Lunch is for wimps
It's not a question of enough, pal. It's a zero sum game, somebody wins, somebody loses. Money itself isn't lost or made, it's simply transferred from one perception to another.