Fairholme's chief Bruce Berkowitz said in a letter to shareholders that his fund's poor performance last year 'makes little sense' and reminded investors that he was a top PM for a decade, reports Frank Byrt of The Street.

'In great years we ask shareholders not to be swayed by short-term performance," wrote Berkowitz. "The same is true in a bad year. One circling of the sun is too short a time to differentiate between good and lucky," said Berkowitz. He added that: "We can only hypothesize from public comments that investors did not fathom our financial assets."  

Edited by: HFD


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