Fairholme Fund manager Bruce Berkowitz will hold a public conference call next week with Bank of America CEO Brian Moynihan to answer investors' questions about the bank and its sagging stock price.
Bank of America stock is down 28 percent this year and is one of the reasons that Fairholme has lost 15 percent this year through Aug. 3. The S&P 500 Index, a common measure of broad market performance, gained 1 percent over the period.
The conference call aims to explain why Bank of America is one of Fairholme's core holdings, Berkowitz said. During the Aug. 10 call, Moynihan will make opening remarks, then Berkowitz will ask him "the toughest questions" submitted by email to askbrian@fairholmefunds.com
The call will begin at 1 p.m. on Aug. 10. If you'd like to listen in, dial (877) 270-4101 and use conference ID 89124999.
This is not the first time Berkowitz has held a conference call with the CEO of one of the fund's investments. In March 2009, he held a call with top management of Pfizer, which was then a core holding. Between the call and the end of November 2009, Pfizer's stock rallied by 56 percent.
The Fairholme Fund is a component of the Bradway Strategic portfolio, which consists primarily of investments with top money managers.
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