Dos de mis posiciones más importantes, Bank of America y Leucadia, comentadas por Bruce Berkowitz en su carta anual de los fondos Fairholme:
Bank of America (22.3%): has executed its business plan admirably to date. By refocusing on core customer relationships across multiple platforms (i.e., checking, credit card, mortgage, and small business), the company is positioning itself for long-term profitability. Effective cross-fertilization of these services will make parallels with best-in-class Wells Fargo more pronounced, and help Bank of America’s stilldepressed market price to at least reach book value, reflecting the higher values of existing business.The company recently surpassed its 2011 cost-cutting goal of $8 billion per annum, ahead of schedule. Litigation expenses – a major weight on the company in recent years – have largely dissipated.
Heeding lessons learned from the financial crisis, the company prudently disposed of a profitable (at the time) wholesale mortgage business. Intermediaries might seem like ideal clients, but history shows that they are more adversary than friend. Investors should not be surprised to see Bank of America continue to shrink no-longer-core activities. However, the company’s balance sheet is poised for a growing business economy and a rising interest rate environment, with every increase of 100 basis points potentially boosting revenue by $3.7 billion. Sometimes you must take two steps back in order to go ten steps forward.
Leucadia (3.6%): remains the Fund’s longest held position. Our estimate of intrinsic value remains above today’s market price. The company’s historical track record of compounding book value significantly faster than most S&P 500 constituents is partly the result of its willingness to initiate opportunistic investments during market panics, as evidenced by its recent rescue financing of Forex Capital Markets (FXCM) following the surprise Swiss franc surge.
También habla de AIG, Fannie Mae y Freddie Mac, Sears Holdings (interesante situación suma de partes):