(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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Tuesday, January 13, 2009
Signs Seen of Possible Plea Deal for Madoff
(NY Times/DealBook Blog) After a federal magistrate refused to revoke bail on Monday for Bernard L. Madoff, the financier accused of operating a $50 billion Ponzi scheme, signs emerged that his lawyer was actively negotiating a plea agreement that could conclude the baffling fraud case without a trial, The New York Times’s Diana B. Henriques reported.
Federal prosecutors acknowledged in a court order released Monday that Mr. Madoff’s lawyer, Ira Lee Sorkin, is “engaging in discussions concerning a possible disposition of this case.”
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Federal prosecutors acknowledged in a court order released Monday that Mr. Madoff’s lawyer, Ira Lee Sorkin, is “engaging in discussions concerning a possible disposition of this case.”
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Eveillard and Englander Shun Leverage, Beat Rivals
(Bloomberg) Jean-Marie Eveillard, who beat 99 percent of rival equity fund managers last year by hoarding cash instead of borrowing it, is loading up on Japanese insurers and Hong Kong developers.
“Leverage eliminates your staying power,” said Eveillard, whose $16.8 billion First Eagle Global Fund beat the Standard & Poor’s 500 Index every year this decade. “If things go well, you look even better, but if things go badly, you end up doing worse,” he said in an interview from his office at Arnhold & S. Bleichroeder Advisers LLC overlooking Central Park in New York. “You could blow up if big leverage is being used.”
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“Leverage eliminates your staying power,” said Eveillard, whose $16.8 billion First Eagle Global Fund beat the Standard & Poor’s 500 Index every year this decade. “If things go well, you look even better, but if things go badly, you end up doing worse,” he said in an interview from his office at Arnhold & S. Bleichroeder Advisers LLC overlooking Central Park in New York. “You could blow up if big leverage is being used.”
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Saturday, January 10, 2009
Buffett’s Better Deal
No wonder Buffett doesn't like to hire investment bankers!
(Ritholtz.com) Earlier this morning, we discussed how badly the Treasury department, along with Congress, had bungled the bailout monies.
These two graphics show exactly what an awful deal the taxpayer got for our monies.
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(Ritholtz.com) Earlier this morning, we discussed how badly the Treasury department, along with Congress, had bungled the bailout monies.
These two graphics show exactly what an awful deal the taxpayer got for our monies.
Read the entire story
Thursday, January 8, 2009
Taxpayer financed signing bonuses....
(footnoted.org) While there’s been no shortgage of stories that question exactly what banks that receive money under the Treasury’s TARP program plan to do with that money, tracking down the details are a lot more difficult. In part, that’s because the Treasury department’s own website is an embarrassment that makes anyone trying to practice oversight, like my friends at bailoutsleuth.com, an exercise in extreme frustration. As the WSJ noted on Tuesday, Treasury’s most recent progress report on Tuesday didn’t even provide a running total on how much money has been handed out so far — a not-so-minor detail.
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Paulson to Discover Fate of His $500 Million Fortune
(Bloomberg) Treasury Secretary Henry Paulson, a $500 million man when he entered office, said he’s about to discover how much of his fortune remains after two years of financial market turmoil.
“I’ve got to find out where my money has been invested,” Paulson, 62, said today after a speech, drawing laughter from the Washington Economic Club.
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“I’ve got to find out where my money has been invested,” Paulson, 62, said today after a speech, drawing laughter from the Washington Economic Club.
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Adult Entertainment Industry Wants a Bailout
Everybody wants a bailout, even the adult entertainment indusry! Not sure if this is a joke or not, but here is the story. Who knows, the way our government is throwing around money, they might get it.
(foxbusiness.com) With the financial industry, auto makers and more getting assistance from the federal government to stay afloat during the recession, the adult industry decided it would try to get something as well.
Girls Gone Wild CEO Joe Francis and “Hustler” magazine publisher Larry Flynt have said they will petition Congress for financial aid along the lines of what the Big Three auto makers are getting.
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(foxbusiness.com) With the financial industry, auto makers and more getting assistance from the federal government to stay afloat during the recession, the adult industry decided it would try to get something as well.
Girls Gone Wild CEO Joe Francis and “Hustler” magazine publisher Larry Flynt have said they will petition Congress for financial aid along the lines of what the Big Three auto makers are getting.
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