Berkowitz: Fannie and Freddie are two of the best businesses ever owned by the FundsVW Staff
Fairholme Funds semi-annual letter for the half year ended June 30, 2016.
To the Shareholders and Directors of Fairholme Funds, Inc.:
At Fairholme, we don’t try to predict uncertain futures, but rather price securities for a wide range of potential outcomes. We aim to achieve long-term outperformance while minimizing the risks of permanent loss of capital. We target securities priced far below their intrinsic values to counter potential mistakes in estimates and occasional bad luck. Of course, we encounter real risks along the way. After all, there is no free lunch when it comes to success over . . .
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