Sequoia: We're Still Very Comfortable with Berkshire
Sequoia's Bob Goldfarb explains the reasoning behind the fund's trimmed Berkshire stake, as well as their attraction to Fastenal.
Michael Breen
Michael Breen is director of operations and training, global manager research, for Morningstar Research Services LLC, a wholly owned subsidiary of Morningstar, Inc.
Before joining Morningstar in 1994, Breen owned his own business. Previously, he held positions such as managing editor, director of information operations, and director of data products.
Breen holds bachelor’s and master’s degrees in political science from Northern Illinois University.
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Where Sequoia Finds Value in Retail
Sequoia's David Poppe and Bob Goldfarb make the case for portfolio holdings TJX, Wal-Mart, and Target.
Sequoia on the Case for Google
Google's value to users and advertisers, strong cash-flow generation, and current valuation are attractive, says Sequoia's David Poppe. Plus, Poppe outlines the case for newer fund holding Perrigo.
Goldfarb: When Quality Was Really on Sale
Sequoia's Bob Goldfarb reminisces about buying great companies at single-digit multiple valuations in the mid-1970s.
Fairholme's Girth Doesn't Have to Spell Doom
This fund will eventually stumble, but the culprit won't necessarily be its size.
Give Peace a Chance in the Active vs. Passive Debate
Indexing works, but the odds of picking winning active funds aren't as bad as they seem.
The Secret of Fairholme's Success
Berkowitz gets creative.
Weitz Funds Follow a Predictable Path
This shop's investment culture has been consistently great.
Berkowitz's Case for MBIA
Fairholme manager deepens commitment to financials with stake in troubled bond insurer.
How to Keep Your Head When Your Fund Is Losing Its Tail
Reviewing some key items can help determine if a slumping fund has permanently lost its touch.
These Buffett-Inspired Funds Have Learned Their Lessons Well
Embracing the spirit of Buffett's teachings gives these funds an edge.
Lessons From the Recent Rally
Everyone looks for lessons after bear markets, but rallies can teach, too.
Fairholme's Berkowitz Buys American International Group
Domestic Stock Fund Manager of the Decade continues his return to financials.
Fairholme's Berkowitz Weighs in on Simon's bid for General Growth Properties
Morningstar's Domestic Stock Fund Manager of the Decade patiently exploring his options.
What Bothers Berkowitz about Pharma
The Fairholme manager explains the reasoning behind recent stock sales--including Pfizer--and the portfolio's shift from defense to offense.
Berkowitz on Opportunity in Bankruptcies
The Fairholme manager comments on the fund's significant investment in the convertible bonds and bank debt of bankrupt mall operator General Growth Properties.
How Berkowitz Got Comfortable with Citi
The Fairholme manager describes the thesis behind the fund's recent purchase of Citigroup stock.
Berkowitz: We're Entering a Constructive Period
The Fairholme manager on looking forward to the next decade; plus, comments on the fund's CIT and Winthrop stakes.
Contrarian Investment Ideas for 2010
A few against-the-grain ideas that should pay off in the new year.
When Debt Was Poison
Debt played a leading role determining 2008's losers and this year's winners.
This Recovery Shaping Up Like the Last
Turner Emerging Growth's Frank Sustersic says this recovery is similar to the last in that the market anticipated the turnaround well before individual companies did.
Global Stimulus Boosts Mining Equipment
Turner Emerging Growth manager Frank Sustersic says the next 12 months look fantastic for top-five holding Bucyrus.
Mortgage Insurance Firms Due for a Comeback
Turner Emerging Growth manager Frank Sustersic says these companies are going to trade closer to book value over time.
A Beverage Pick in Eastern Europe
Turner Emerging Growth manager Frank Sustersic says Central European Distribution is poised for attractive growth once its Eastern European markets normalize.
Micro-Cap Wallflowers Ready to Bloom
Heartland Value Fund's Bill Nasgovitz says there are still bargains among micro-cap stocks and offers two recent picks with a catalyst for growth.
Not Afraid of Debt
Skyline Asset Management's Mike Maloney says that, despite the market's crisis panic, not all debt is bad debt for the stocks they own.
Skyline's Financial Picks in the Crisis' Wake
Skyline Asset Management's Mike Maloney discusses a bank and a securities-processing firm that emerged as attractive gems.
Fairholme Re-Buys Berkshire Hathaway
Berkowitz says financial crisis created opportunity for Buffett.
Finding Picks Well Off the Beaten Path
Third Avenue International Value's Amit Wadhwaney says intellectual curiosity can lead investors to interesting opportunities, such as the fund's Antarchile stake.
Why Third Avenue Dialed into This Polish Telecom
Third Avenue International Value's Amit Wadhwaney makes the case for Netia, a top-five holding in the portfolio.
More Transparency on LG
Third Avenue International Value's Amit Wadhwaney says LG's holding company structure is much less opaque than it used to be.
Wadhwaney: Resource Stocks on the Radar
Third Avenue International Value's Amit Wadhwaney discusses the core of attraction around its Weyerhaeuser stake.
Pouncing in the Downturn
IVA's Charles De Vaulx, formerly of First Eagle, talks about the bond finds, foreign opportunities, and energy stake IVA has picked up in the bear market.
Weitz: How to Grow Comfortable with the Unloved
Weitz Funds' Wally Weitz and Brad Hinton discuss the discipline behind sticking with--and even adding to--two beaten-down positions against intense market pessimism.
Weitz: The Right Amount of Caution
Weitz Funds' Wally Weitz discusses balancing the bear market's lessons learned with being too cautious and details opportunities arising from the firm's Liberty Media stake.
Taking Advantage of the Stimulus
Glenn Fogle, manager of American Century Vista, says a lot of the U.S. monetary stimulus is going to stimulate other economies and picks commodities over health care.
FPA's Romick: 'Cushion Bonds' Long Gone
Steve Romick, manager of FPA Crescent, on dodging the worst of downturn and capitalizing on recent opportunities.
Expect More Volatility
Steve Romick, mananger of FPA Crescent, anticipates a volatile several years and emphasizes having a long time horizon.
Rogers: Keeping Your Wits in a Tough Market
John Rogers of Ariel and Ariel Appreciation discusses staying disciplined when fundamentals and stock prices part ways.
Rogers: Still Room to Run
Ariel manager John Rogers on the fund's Dell and Gannett holdings and how he sees the portfolio's upside potential.
Top Value Hound Hangs Out His Shingle
Veteran value skipper and former Torray co-manager Doug Eby is set to launch a new mutual fund in September.
Dodging Bullets in the Bond Market
Tom Carney, manager of Weitz Short-Intermediate Income, reveals how he topped the short-term bond category.
Top Allocation Funds That Think Outside the (Style) Box
A reader gets us thinking about quirky allocation funds.
Why Fairholme Moved into Health Care
Bruce Berkowitz says health-care firms are still quite cheap and have a solid prognosis.
Fairholme's Debt Picks
Bruce Berkowitz discusses the fund's high-yielding senior credit positions.
Fairholme's Buffett-Like Deal with AmeriCredit
Bruce Berkowitz explains the mutually beneficial partnership between Fairholme and the finance company.
Fairholme's Cash Stake: What's Next?
Fairholme's Bruce Berkowitz says the fund's cash position is in the mid- to high teens, and he's optimistic about today's opportunities.
Fairholme's Piece of Florida
Bruce Berkowitz says fund holding St. Joe holds a valuable stake of land in the panhandle that will benefit from a new international airport.
Fairholme: Amex Bad Debt a Pig in the Python
Fairholme's Bruce Berkowitz describes the fund's rationale in assessing and adding American Express to the portfolio.
A Different Apple in the SRI Orchard
Unlike many socially responsible funds, Appleseed follows a value strategy and has uncovered some interesting stock ideas.