Yesterday I sold out of my ExxonMobil (XOM) position and bought Total SA (TOT). XOM is approaching my estimated fair value so my selling discipline forced me to sell. TOT is definitely one of the uglier houses on the energy block but the market seems to be over discounting the company just on a reserves [...]
With markets remarkably resilient in the face of continued euro region troubles, an anemic US economic recovery and growing concerns of a crash in China, investors may want to consider deep value stocks for possible investment. While cheap stocks can always get cheaper, true value stocks (as opposed to value traps) will probably fall less [...]
The Fairholme Fund have bounced back nicely in 2009, showing a 30% gain for the year. Quick summary follows but you can view Berkowitz’s portfolio moves in this spreadsheet. Their new positions seem to indicate that Berkowitz has changed his mind regarding some lukewarm comments about Berkshire Hathaway’s low growth potential a while back. He [...]
Kathy asks: I just read your recent post on Seeking Alpha discussing opportunities in the energy sector. If you had 10K would you put it in COP or one of the major integrateds now? Or where? RIG or SLB? Thanks for writing, Kathy. I won’t be making any specific recommendations but I’ve put together a [...]
We continue our look at various money managers’ portfolios with Bruce Berkowitz of the Fairholme Fund. Readers can get a spreadsheet view of Berkowitz’s portfolio changes here. Notable changes include the following: Fairholme continues its thematic investing, opening or adding to bullish positions in defense and health insurers. New investments include Humana (HUM) and General [...]
