maz

Q4 Holdings of Bruce Berkowitz, Robert Rodriguez and Mohnish Pabrai

Sorry he holds Sears but didn't add - my mistake

Q4 Holdings of Bruce Berkowitz, Robert Rodriguez and Mohnish Pabrai

How can you say that selling out of Berkshire does not indicate a stand on the stock? At the end of June Berkshire was 10.67% of Fairholme's portfolio & the largest holding and today it is virtually nothing - Berkowitz was very specific as to his reasons

"We made this move because we cannot see how the company can replicate its past stellar performance given its current size and the age of its key personnel."

In the meantime Pfizer has gone from 10.26% to 18.73% so you could say he was selling Berkshire to buy Pfizer and other healthcare companies.

He also added to Leucadia, Sears and Canadian Natural Resources - companies run by very able capital allocators. So may be he's switching to younger & smaller :-)

First Marblehead Fights to Free Itself from Credit Market Whims

I'm not so sure that you can look at defaults/delinquencies in the 2005-7 Trusts and extrapolate them to the loans on the banks books as underwriting standards from August 2007 on were tightened up considerably plus the interest rates are higher. Still they could be under-reserved