Friday, June 24, 2011

Fairholme Fund Conference Call Transcript

“In hindsight, we swapped from health insurers and defense to financials too early. Our companies continue to be priced for continuing stress and the price we paid reflects those stresses. And the prices we paid are quite cheap in our opinion compared to how these companies should perform in a more normal environment. Some people think we are spread too thin [and] we’ve slipped, but I must tell you we are smack dab in the middle of our circle of competence in financial services.”

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