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Over the last 70 years, value stocks clocked a 13.4% average annual return, vs. 10.2% for growth stocks, according to Ibbotson Associates.

Fairholme Funds 2007 Annual Report

By admin - Posted on February 4th, 2008
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Fairholme Fund’s 2007 calendar-year performance of 12.35% outperformed the S&P 500 Index performance of 5.49% (with dividends reinvested).

Berkshire Hathaway remains the Fund’s largest business investment. The implosion of credit markets, overextension of financial guarantors, weakened competitors, and the struggles of housing-related industries have allowed Berkshire to start a municipal bond insurer, acquire a super-majority of the Pritzker’s building-related Marmon Group, and increase float. With a war chest of roughly $40 billion of cash and $100 billion of other liquid investments, Berkshire is a logical senior lender or last-resort acquirer for the financially wounded.

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