The Return of a Star Fund Manager

摘要

Only a handful of mutual fund managers have ever had the sort of epic run that Bruce Berkowitz (and his investors) enjoyed. In the first decade of this century, his 13.2% annual returns obliterated the S&P 500, which averaged 1% yearly losses. He was crowned U.S. stock manager of the decade by Morning-star, and Fortune anointed him "the Megamind of Miami" in a late-2010 profile. Then came 2011. Berkowitz's Fairholme Fund plunged 32% amid huge losses in stocks like AIG, Sears, and Bank of America. Clients yanked $7 billion, and critics said Berkowitz, 54, was finished. But instead of retreating in 2012, he doubled down on his favorite stocks.