Fairholme Funds

Fairholme 2016 Letter On Fannie And Freddie “Economic Castles Protected By Unbreachable Moats”

To the Shareholders and Directors of Fairholme Funds, Inc.:

Since Fairholme’s inception, we have pursued a value-oriented investment approach that avoids popular securities in favor of companies that are both unloved and undervalued. Although the world has become more uncertain and the recognition of value is taking longer, we remain optimistic. Business cycles exist. History continues to rhyme. Investors march to the drums of both greed and fear. Markets move with asset values, but not always. Since 2000, our letters have tried to explain how we assay fundamental values and assess the differences between such values and their . . .

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