Berkowitz Seeking Patient Capital Sours on Mutual Funds

The fund manager of the decade said he’s moving beyond mutual funds.

Bruce Berkowitz said rules that allow mutual fund holders to cash out anytime put his long-term investing style at a disadvantage, according to an interview with Bloomberg Television’s Erik Schatzker, airing today. The rules also prevent funds from owning too much of one stock, a straitjacket for managers like Berkowitz who favor concentrated positions.