Notes From AAII NYC Discussion With Bruce Berkowitz Of Fairlholme Fund by Redfield, Blonsky & Co. June 5, 2008 S&P 500 1,377 DJIA 12,391 Bruce is a well known value investor with concentrated portfolios. He labeled his fund as “Focused and Value Based.” The following are my notes to this wonderful meeting. John O’Shaughnessy and I were very appreciative of the discussion. 1. “Doesn’t make sense to have greater than 10 or 20 positions. Diversification is insurance against ignorance.” 2. Risk is the chance of permanent loss. There are two concepts of risk. A. Business dies. B. Pay too much….
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