Mounting losses at Sears Holdings Corp. and the bankruptcy of Sears Canada Inc. “wrecked” the performance of Bruce Berkowitz’s Fairholme Funds Inc. last year, he said in a shareholder letter released Thursday....
I wonder if brucie and fast eddie are still best buds. 😭😭
Bruce got the Eddie treatment. Secret value, which was non-existent. Secret profits which turned out to be a scam. Poor Bruce and his fund. As P.T. Barnum said, "There is a s---er born every minute"
I think Bruce regrets his loyalty to Eddie now. It's like that obnoxious friend that no one likes and you defend again & again but at some point you realize the rest of the world was right.
Bruce should have known about the operating losses though. I am a peon in a store & I knew.
Take a hard look at any fund to see if SHLD is buried somewhere in it. That stuff got shoved under a lot of mattresses.