(Advisorperspectives.com) Bruce Berkowitz is the Founder and Managing Member of Fairholme Capital Management and the portfolio manager for the Fairholme Fund (FAIRX), a $6.7 billion fund that he started in 1997. The Fairholme Fund, which has consistently outperformed the S&P 500 since its inception, is one of the top 10 actively managed funds within the Most Popular Mutual Funds in the Advisor Perspectives universe.1 One of the most respected experts on value investing, Mr. Berkowitz is the author of an introduction to a chapter in the 6th edition of Securities Analysis, a textbook on value investing by Graham and Dodd. The chapter is devoted to Graham and Dodd’s concept of the dividend factor, which forms the basis for Mr. Berkowitz’ reliance on free cash flow yield as his key metric for valuation.
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