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Yes, keeper. Heathbob and MikeM are spot-on. Hard to think of a better stock picker than Mr. Berkowitz available to us mere mortals. I appreciate his rationale for buying a stock, his case studies defending them, his willingness to be independent and concentrated, be it a sector or even in cash at times, his substantial personal investment in Fairholme Funds, and the reasonable fees. But allocate consistent with your time horizon and risk tolerance, like MikeM points out. Note that his Fairholme Focused Income Fund FOCIX has a much lower volatility than either FAIRX or FAAFX, but is still more aggressive and concentrated than the typical income option. It's done well the past year, while yielding 10% dividend since inception. I think Fairholme is a top-rate, focused, deep-value investment shop started by a gifted money manager. Click here for latest very frank interview with Berkowitz on Consuelo Mack's WealthTrack.
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