Tag Archives: FAIRX

Dumb Investment of the Week: Concentrated Mutual Funds and ETFs

This week’s Dumb Investment of the Week is inspired by Ken Heebner of CGM Focus’s (CGMFX) colossally bad bet on interest rates rising. Unfortunately, he isn’t the only fund manager to make concentrated bets that have been detrimental to investors. Other mutual fund managers, hedge fund managers, and even ETF managers (or funds following poorly [...]

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Fairholme’s 2011 Results Show the Risk of Concentrated Positions in Hard to Value Businesses

The performance of the Fairholme Fund (FAIRX) and manager Bruce Berkowitz and his comments in his annual letter have been the subject of numerous commentaries. The fund lost 32.42% in 2011. The commentary seems to fall in to one of two camps. His staunch supporters, including many “value investing guys”, rush to defend Morningstar’s Fund [...]

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