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Berkowitz Sticks To Contrarian Guns As investors Exit Fairholme Fund
"“We will look wrong until markets believe we are right,” said Mr. Berkowitz, who scheduled Tuesday's event to respond to investor e-mails. “Given the human condition, we are much less comfortable answering when the crowd will agree with us.”
Ugh, the crowd thing. Sometimes the crowd is right and the human condition sometimes results in difficulty admitting errors.
"Mr. Berkowitz also said investors fail to appreciate the value of real estate owned by Sears. He said losses from the struggling firm's retail business will eventually end."
Yes, they will when the company does, too. If he means it any other way he's lost his mind or has fallen way too much in love with Eddie Lampert and his delusional turnaround story based around a membership program with no fees.
"The Fairholme Fund has shrunk to about $6.6 billion as of Dec. 31 from $18.8 billion at the end of 2010, according to Morningstar."
Comments
Ugh, the crowd thing. Sometimes the crowd is right and the human condition sometimes results in difficulty admitting errors.
"Mr. Berkowitz also said investors fail to appreciate the value of real estate owned by Sears. He said losses from the struggling firm's retail business will eventually end."
Yes, they will when the company does, too. If he means it any other way he's lost his mind or has fallen way too much in love with Eddie Lampert and his delusional turnaround story based around a membership program with no fees.
"The Fairholme Fund has shrunk to about $6.6 billion as of Dec. 31 from $18.8 billion at the end of 2010, according to Morningstar."