Einhorn Versus Berkowitz
futureofcapitalism.com

The Wall Street Journal has a long account of David Einhorn's announcement that he is shorting St. Joe Co, a real estate company:

Mr. Einhorn's bet that shares of St. Joe have been overvalued sets up a stock pickers steel-cage match against Bruce Berkowitz, the value investor whose Fairholme Capital Management LLC held nearly 27 million shares as of June 30. Mr. Berkowitz declined to comment.

It is reminiscent of Pershing Square Capital Management LP founder Bill Ackman's wager against MBIA Inc., in which Marty Whitman of Third Avenue Management LLC wrongly took the other side of the trade.

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Berkowitz, Einhorn, and St. Joe
futureofcapitalism.com

Here's the Wall Street Journal's latest handling of the debate between Bruce Berkowitz and David Einhorn over the value of St. Joe, a Florida real estate company:

AIG represents the latest in a series of recent stumbles for Mr. Berkowitz...Mr. Berkwowitz's massive investment in St. Joe Co. landed him in a high-profile back-and-forth with hedge fund manager David Einhorn of Greenlight Capital, who was shorting the stock. Mr. Berkowitz has since taken over as chairman of St. Joe after ousting the company's chief executive. Fund documents show the fund's average cost of JOE at about $26 per share. The stock currently is around $25.

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The Wall Street Journal Versus Fairholme
futureofcapitalism.com

Today's Wall Street Journal has an article under the headline "Fund Stars Fallen: Berkowitz and Miller Stumble in Market Malaise" that begins:

Well-known mutual-fund investors Bruce Berkowitz and Bill Miller enjoyed winning streaks that lasted years. But they have been among those whacked in the current downturn.

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Not-So-Fallen Fund Star
futureofcapitalism.com

Back in August 2011, when the Wall Street Journal wrote about the Fairholme Fund and its manager Bruce Berkowitz under the headline "Fund Stars Fallen," I observed that the Journal had also criticized Fairholme's performance in January 2009:

If a Journal reader had listened to the 2009 article and sold out of Fairholme, he would have missed out on annual returns of 39.01% in 2009 and 25.47% in 2010, which is something to consider when reading this latest Journal article focusing on Fairholme's returns for less than half of the month of August, or focusing on Monday's returns for an article in Wednesday's paper that doesn't include Tuesday's returns. Whatever one thinks of Mr. Berkowitz, he's a lot more credible than the Journal's coverage of him.

Read More...

Not-So-Fallen Fund Star
futureofcapitalism.com

Back in August 2011, when the Wall Street Journal wrote about the Fairholme Fund and its manager Bruce Berkowitz under the headline "Fund Stars Fallen," I observed that the Journal had also criticized Fairholme's performance in January 2009:

If a Journal reader had listened to the 2009 article and sold out of Fairholme, he would have missed out on annual returns of 39.01% in 2009 and 25.47% in 2010, which is something to consider when reading this latest Journal article focusing on Fairholme's returns for less than half of the month of August, or focusing on Monday's returns for an article in Wednesday's paper that doesn't include Tuesday's returns. Whatever one thinks of Mr. Berkowitz, he's a lot more credible than the Journal's coverage of him.

Read More...

The Wall Street Journal Versus Fairholme
futureofcapitalism.com

Today's Wall Street Journal has an article under the headline "Fund Stars Fallen: Berkowitz and Miller Stumble in Market Malaise" that begins:

Well-known mutual-fund investors Bruce Berkowitz and Bill Miller enjoyed winning streaks that lasted years. But they have been among those whacked in the current downturn.

Read More...

Einhorn Versus Berkowitz
futureofcapitalism.com

The Wall Street Journal has a long account of David Einhorn's announcement that he is shorting St. Joe Co, a real estate company:

Mr. Einhorn's bet that shares of St. Joe have been overvalued sets up a stock pickers steel-cage match against Bruce Berkowitz, the value investor whose Fairholme Capital Management LLC held nearly 27 million shares as of June 30. Mr. Berkowitz declined to comment.

It is reminiscent of Pershing Square Capital Management LP founder Bill Ackman's wager against MBIA Inc., in which Marty Whitman of Third Avenue Management LLC wrongly took the other side of the trade.

Read More...

Berkowitz, Einhorn, and St. Joe
futureofcapitalism.com

Here's the Wall Street Journal's latest handling of the debate between Bruce Berkowitz and David Einhorn over the value of St. Joe, a Florida real estate company:

AIG represents the latest in a series of recent stumbles for Mr. Berkowitz...Mr. Berkwowitz's massive investment in St. Joe Co. landed him in a high-profile back-and-forth with hedge fund manager David Einhorn of Greenlight Capital, who was shorting the stock. Mr. Berkowitz has since taken over as chairman of St. Joe after ousting the company's chief executive. Fund documents show the fund's average cost of JOE at about $26 per share. The stock currently is around $25.

Read More...