We believe as many seasoned money managers do, that price determines return, and failing to give reasonable consideration to the price paid for any equity may leave investors paying for a Rolls Royce, but driving a Yugo.
Fairholme's Q4 portfolio has been filed. New or increased positions include C, BNI, CIT, CMCSK, RF, CMCSA, MI, BRKa, ACF, HUM, WLP, HTZ, SPR, FUR, RRR, JOE, and LUK.
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