Morningstar today slowed down its caravan even more to take stock of Bruce Berkowitz, much-maligned chief of Fairholme Capital Management [see profile], who has gone from super bowl winning coach to floundering PM.

According to Morningstar's Fund Spy column, Berkowitz set up unrealistic expectations for himself by beating the S&P 500 Index in nine of its first 10 years. "This is not the fund for those looking for year-to-year consistency. But for those who can handle its extreme volatility, there could still be a pay off down the road," wrote Kevin McDevitt.

Morningstar also gave Fairholme a silver star rating earlier this week.

Fundsters looking for more reasons to believe that Berkowitz can deliver another winning year may want to check out the rest of the column. 

Edited by: Hung Tran


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