| Bruce Berkowitz|
Fairholme Capital Management
Founder and Portfolio Manager
calls it a comeback
The esteemed financial pub ran a story on the Fairholme Fund
] PMed by the storied Bruce Berkowitz
's 2010 influencers list].
The feature looks back at the mutual fund's tough times in 2011, as well as its successes this year. Both the highs and the lows were brought about by sticking to the same stocks and deep value philosophy that made Berkowitz's career in the beginning.
notes that in the first decade of this century, his 13.2-percent annual returns obliterated the S&P 500 (SPX), which averaged one-percent yearly losses. He was crowned U.S. stock manager of the decade by Morningstar, and Fortune anointed him "the Megamind of Miami" in a late-2010 profile. Then came 2011. Berkowitz's Fairholme Fund (FAIRX) plunged 32 percent amid huge losses in stocks like AIG, Sears, and Bank of America. Clients yanked $7 billion, and critics said Berkowitz, 54, was finished, according to the magazine.
However, according to the financial pub, instead of retreating in 2012, he doubled down on his favorite stocks. Today he looks like a genius again: Fairholme has roared to a 37-percent return this year, tops among U.S. stock mutual funds.
asks, is his comeback for real?
Read the Fortune article
to get your answer.
Stay ahead of the news ... Sign up for our email alerts now