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Non-Tech : Kirk's Market Thoughts -- Ignore unavailable to you. Want to Upgrade?

To: ETF1 who wrote (1992)	10/1/2014 3:09:09 PM
From: Kirk ©	Read Replies (1) \| Respond to of 26587

Thanks for the info. Prepare for a shock when you look at the total return for today, which is usually available within a few hours after the market close. Fannie and Freddie (common stock plus preferreds) reportedly make up about 15% of the Fairholme Fund, and they are being taken to the cleaners today. My wild guess: I believe we could see the Fairholme Fund (ticker FAIRX) down 5% or more. Any reason for Fannie and Freddie to be down more than the market as a whole? Do you own FAIRX or just follow it for stock picking ideas? TIA

To: ETF1 who wrote (1992)	10/1/2014 4:58:36 PM
From: ETF1	Read Replies (1) \| Respond to of 26587

Investors in the Fairholme Fund, time to put your seatbelts on. Prepare for a shock when you look at the total return for today, which is usually available within a few hours after the market close. Fannie and Freddie (common stock plus preferreds) reportedly make up about 15% of the Fairholme Fund, and they are being taken to the cleaners today. My wild guess: I believe we could see the Fairholme Fund (ticker FAIRX) down 5% or more. My new estimate. I now believe the Fairholme Fund will close down today a minimum of -8%, and very possibly closer to -8.8% . Unfortunately Morningstar doesn't give the ticker symbols to a number of the preferred shares of Fannie and Freddie that the Fairholme Fund owns. And of course we only know the most recently disclosed portfolio, not any changes made since then.