The Stars — and Fallen Stars — of 2008

Kiplinger’s Fred Frailey looks this week at how some of the world’s top money managers got hammered by the recent market crash, as well as at how other noted managers lived up to their reputations and avoided the plunge. According to Frailey, some of 2008’s big-name losers have been Legg Mason’s Bill Miller (down 59% as of Oct. 30); Longleaf Partners’ Mason Hawkins (down 47%); Oakmark Select’s Bill Nygren (down 36%); Selected American’s Chris Davis and Ken Feinberg (down 36%); Ron Muhlenkamp (down 37%), and Dodge & Cox Stock (down 41%). These former value stars found out “that too many […]

Berkowitz: We’re in a “Bargain Hunter’s Dream”

Fairholme fund manager Bruce Berkowitz — who has weathered the recent market storm with much better results than many of his value peers — tells Kiplinger’s that the recent market plunge “has been a blessing”. “We’ve been buying companies at prices that even when I was in my most pessimistic mood, I didn’t think we would see so quickly,” Berkowitz told Kiplinger’s Manuel Schiffres. “These are 1974-type valuations, and what’s fascinating is that stocks fell to these levels not because of earnings issues but because of the sheer magnitude of the forced liquidations. So this is still a bargain hunter’s […]