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How Berkowitz Got Comfortable with Citi

The Fairholme manager describes the thesis behind the fund's recent purchase of Citigroup stock.

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Michael Breen: Speaking of mulligans, you just bought a firm that probably wish it had one for the past couple of years: Citigroup. Maybe you can let us know how you got comfortable with that, because a few years back, you were speaking about how you couldn't get transparency on the big banks and the financials.

So is it a case of the blind now being able to see, or have things been shored up to a point that anybody can get comfortable with it? Why don't you give us the thesis for Citigroup?

Michael Breen does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.