The Fairholme Fund has posted its semi-annual report to shareholders. The report includes an insightful letter to shareholders from manager Bruce Berkowitz, who explains his rationale for the fund's investments in banks and other financial companies.
Those investments have caused the fund to underperform the broad market this year, but Berkowitz remains confident that his large bet on financial stocks will pay off over time.
The Fairholme Fund is a component of the Bradway Strategic Portfolio, which consists primarily of investments with top money managers.
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