Berkowitz Fund Scooped Up Financial Firms ‘Priced to Die’Noah Buhayar
Bruce Berkowitz, named by Morningstar Inc. as the domestic stock-fund manager of the decade in January 2010, said he loaded up on stocks such as Bank of America Corp. when they were “priced to die.”
Investors got a buying opportunity during and after the credit crunch when financial firms fell to levels that implied they would fail, Berkowitz said today during a question-and-answer session at the Columbia Student Investment Management Association Conference in New York.
Berkowitz is the managing member of Miami-based Fairholme Capital Management LLC. His top-performing Fairholme Fund was closed to new investors this week after it posted its best performance in a decade for 2012. The fund’s largest stakes have included American International Group Inc. and Bank of America.