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FYI: Bruce Berkowitz, head of Fairholme Capital Management, has cut his personal exposure to Sears Holdings by selling a little more than half a million dollars in stock.
@MFO Members: Records indicate that Berkowitz first purchased Sears in 2005. How many shares, and the time frame I don't know, however ; the stock price for Sears ranged from $76 to $94 dollars in 2005. Regards, Ted
Hell, even I could have done that good. So far I've even done better with MJ. But then, it's only been a week on that one. If I make any money on the MJ it's full credit to Ted.
I doubt there's any way to find out how much Berkowitz paid for his personal shares.
As to what Fairholme paid for its shares, you can get a pretty good sense by reading through the latest semiannual and annual statements.
The annual shows that: FAAFX held 1,425,398 shares at a cost of $53,325,603 (acquired between 12/16/11 and 12/11/14[sic]) FAIRX held 13,535,991 shares at a cost of $810,536,627 (between 11/26/07 and 12/11/15)
[Shares purchased outside these periods had obviously already been disposed of prior to the end of the reporting period of the statement, 11/30/17.]
The subsequent semiannual statement shows that FAIRX sold 4,397,400 shares at a loss of $318,744,149, sometime between 11/30/17 and 5/31/18, leaving FAIRX with 9,138,591 shares.
It's easy to estimate the proceeds, since the price of SHLD ranged roughly between $2 and $4 over that period. Given the loss, you know roughly how much those shares cost. Subtract that from the total cost of the Fairhome shares in the annual report, and you'll have the cost of the pool of shares from which the latest 3M were sold.
The fact that over four million shares were sold earlier this year (or late last year) shows that this recent sale of roughly 3M shares is neither the first nor the largest disposal of shares that the funds have made.
Here are the two SEC latest 13G filings I could find showing Berkowitz and/or Fairholme changes in the number of shares owned:
Comments
Regards,
Ted
https://www.gurufocus.com/news/731092/berkowitz-sells-20-of-sears-near-historic-low-
I doubt there's any way to find out how much Berkowitz paid for his personal shares.
As to what Fairholme paid for its shares, you can get a pretty good sense by reading through the latest semiannual and annual statements.
The annual shows that:
FAAFX held 1,425,398 shares at a cost of $53,325,603 (acquired between 12/16/11 and 12/11/14[sic])
FAIRX held 13,535,991 shares at a cost of $810,536,627 (between 11/26/07 and 12/11/15)
[Shares purchased outside these periods had obviously already been disposed of prior to the end of the reporting period of the statement, 11/30/17.]
The subsequent semiannual statement shows that FAIRX sold 4,397,400 shares at a loss of $318,744,149, sometime between 11/30/17 and 5/31/18, leaving FAIRX with 9,138,591 shares.
It's easy to estimate the proceeds, since the price of SHLD ranged roughly between $2 and $4 over that period. Given the loss, you know roughly how much those shares cost. Subtract that from the total cost of the Fairhome shares in the annual report, and you'll have the cost of the pool of shares from which the latest 3M were sold.
The fact that over four million shares were sold earlier this year (or late last year) shows that this recent sale of roughly 3M shares is neither the first nor the largest disposal of shares that the funds have made.
Here are the two SEC latest 13G filings I could find showing Berkowitz and/or Fairholme changes in the number of shares owned:
January 11, 2018
https://www.sec.gov/Archives/edgar/data/1056831/000091957418000429/d7793325_13g-a.htm
August 21, 2018
https://www.sec.gov/Archives/edgar/data/1056831/000091957418005887/d8057736_13g-a.htm