“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.”
Knowledge grows through sharing! To be the best, learn from the best! May all your dreams come true! Collections of Value Investing articles, interviews and videos, especially on Warren Buffett and Charlie Munger and articles from various disciplines to build "Latticework of Mental Models"
Friday, June 24, 2011
Fairholme Fund Conference Call Transcript
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