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By Michael Breen | 05-28-2009 07:54 PM

Fairholme's Debt Picks

Bruce Berkowitz discusses the fund's high-yielding senior credit positions.

Michael Breen: Speaking of capital allocation, last fall you took positions in debt in a lot of firms, a lot of senior debt. Maybe you can explain that. Was it a one-time opportunity? What type of deals you were getting. A lot of them overlap with the equities you own, same names.

Bruce Berkowitz: We like the ideas of mixing the debt and the equity of a company, especially a company that is levered. Because we thought the equity quite good, and when the company shrunk its business, let's say in the case of a rental company, or a...

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