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Ackman on honeymoon. He seems to be staying active in all areas.
https://www.nytimes.com/2019/01/19/fashion/weddings/as-if-by-design-their-connection-was-inevitable.html
Responding to chessmaster315, not you, sorry
November 18 letter to shareholders
“Fannie Mae (FNMA) / Freddie Mac (FMCC)
There are no material third quarter updates for Fannie and Freddie regarding housing finance reform or the underlying businesses, which continue to perform well. We believe that last week’s U.S. midterm elections, which resulted in Democrats gaining control of one branch of Congress, make it incrementally more likely that the Trump administration will take the lead on housing finance reform.
Treasury Secretary Steven Mnuchin has repeatedly cited housing finance reform as a priority for 2019. The first step in these efforts is likely the appointment of a new director of the FHFA, Fannie and Freddie’s primary regulator, when the current director’s term ends in January. We will be submitting a public comment letter on FHFA’s draft capital rules for Fannie and Freddie later this week. On the legal front, we and other plaintiffs have filed papers opposing the government’s motion to dismiss 12 cases asserting an unconstitutional taking and related claims and, given delays in the briefing schedule, expect a decision on the motion in late 2019 or early 2020.”
Good clarification RuudG. Nice, fast response to several key points!
Bove not in support of Calabria for Fhfa.
Starting at 2:21
https://www.cnbc.com/video/2019/01/16/dick-bove-there-are-serious-problems-in-us-real-estate.html
Between AOC and Maxine Waters, they have to create even more a sense of urgency for Mnuchin to act sooner than later.
It’s a bit earlier this year, wanted to make sure you had time to make arrangements.
Pershing Square Capital Management, L.P. cordially invites you to our 2019 Annual London Investor Meeting
Wednesday, February 13, 2019
2:30 PM – Registration
3:00 PM – Presentation and Q&A
Cocktails and Canapés to follow.
The Berkeley
Wilton Place
Knightsbridge, London SW1X 7RL
United Kingdom
Please RSVP by Thursday, January 31, 2019.
It’s on now.
c-span. It looked like they were ready to go, but they just took a break until noon, so sometime after noon, est.
Maxine Waters about to go on air, lay out her agenda for House Financial Services Committee.
Hi! Travel ran out of posts. Can you pm?
you can find it at 1:17 into the recording.
https://btr-atl-grass-1.blogtalkradio.com/1000381885-84288230.mp3
Principles of Housing Finance Reform
June 29, 2017 10:00 AM
538 Dirksen Senate Office Building
THE COMMITTEE ON BANKING, HOUSING, AND URBAN AFFAIRS will meet in OPEN SESSION to conduct a hearing entitled, “Principles of Housing Finance Reform”. The witnesses will be The Honorable David H. Stevens, President and Chief Executive Officer, Mortgage Bankers Association; Mr. Edward J. DeMarco, President, Housing Policy Council of the Financial Services Roundtable; and Mr. Michael D. Calhoun, President, Center for Responsible Lending.
All hearings are webcasted live and will not be available until the hearing starts. Individuals with disabilities who require an auxiliary aid or service, including closed captioning service for webcast hearings, should contact the committee clerk at 202-224-7391 at least three business days in advance of the hearing date.
Witness Panel 1
The Honorable David H. Stevens
President and Chief Executive Officer
Mortgage Bankers Association
Stevens Testimony 6-29-17.pdf (4.3 MBs)
Mr. Edward J. DeMarco
President
Housing Policy Council of the Financial Services Roundtable
DeMarco Testimony 6-29-17.pdf (454.0 KBs)
Mr. Michael D. Calhoun
President
Center for Responsible Lending
Permalink: https://www.banking.senate.gov/public/index.cfm/2017/6/principles-of-housing-finance-reform
Good job guys!!
Just taking a break. It looks as though I didn't miss too much. How about you? Any insider info?
Centennial
Pershing Square Capital Management, L.P.
1Q 2016 Quarterly Conference Call
Event Date: Wednesday, April 6, 2016
Event Time: 10:00am – 11:00am EDT; 15:00-16:00 BST
Dial-in information will be available on this page on Monday, April 4, 2016. The webcast link will be available on this page on Wednesday, April 6, 2016.
Questions for the call should be emailed to ir@persq.com.
Following the call, a replay of the event will be available by audio webcast until Wednesday, April 20, 2016 at midnight EDT/Thursday, April 21, 2016 at 5:00am BST.
Hey Rocco, I was just responding to you with Fairholme transcript, because I think I randomly sent something to you on 2/22 about a heads up for Fairholme conference call. Here's some other random stuff! :)
Fannie Mae & Freddie Mac (GSEs)
Fannie and Freddie continued to make positive progress in 2015
? Underlying earnings in core guarantee business continue to improve
? Increase in g-fee rate and lower credit losses
? Reported results volatile due to non-cash accounting charges on derivatives used to hedge liquidating investment portfolio
? Consensus is emerging that the GSEs are irreplaceable
? Lack of success in attracting private capital to the mortgage market
? Recent publications from industry trade groups, policy analysts and general news media increasingly recommend maintaining the GSEs
Misinterpretation of the recently passed Jumpstart GSE amendment contributed to GSEs’ share price decline
? Amendment prevents Treasury from selling or liquidating its $189bn preferred stock for two years except with Congressional approval
? Market is likely misinterpreting the amendment as a precursor to a wind down of the GSEs
? Amendment doesn’t present a meaningful obstacle to recapitalization and positive reform of the GSEs
? Only temporary limitation (expires in two years)
? Doesn’t prevent the GSEs from exiting conservatorship or raising external capital ? Doesn’t prevent Treasury from converting its preferred into common equity
Fannie and Freddie present a compelling risk-reward that offers the opportunity to make a large multiple of invested capital and is sized appropriately to limit downside risk to the portfolio.
yw Rocco! $$$fnma,fmcc$$$
"Congress established Fannie Mae and Freddie Mac as GSEs to support mortgage lending. A key function of the GSEs is to purchase mortgages and package those mortgages into securities, which are subsequently sold to investors, and guarantee the timely payment of principal and interest on these securities.
Leading up to the financial crisis, increasingly difficult conditions in the housing market challenged the soundness and profitability of the GSEs, thereby threatening to undermine the entire housing market. This led Congress to pass the HERA. This Act created the FHFA, with enhanced regulatory authority over the GSEs, and provided the Secretary of the Treasury with certain authorities intended to ensure the financial stability of the GSEs, if necessary. In September 2008, FHFA placed the GSEs under conservatorship and Treasury entered into a SPSPA with each GSE. These actions were taken to preserve the GSEs’ assets, ensure a sound and solvent financial condition, and mitigate systemic risks that contributed to market instability.
The actions taken by Treasury, as authorized by section 1117 of HERA, thus far are temporary and are intended to provide financial stability. The purpose of Treasury’s actions is to maintain the solvency of the GSEs so they can continue to fulfill their vital roles in the home mortgage market while the Administration and Congress determine what structural changes should be made to the housing finance system. Draws under the SPSPAs are designed to enable the GSEs to maintain a positive net worth. The SPSPAs were structured to ensure any draws result in an increased investment in the GSEs as further discussed below. Per SFFAC No. 2, Entity and Display, these entities meet the criteria of “bailed out” entities. Accordingly, the government has not consolidated them into the financial statements, but included disclosure of the relationship(s) with the bailed out entities and any actual or potential material costs or liabilities in the consolidated financial statements.
Senior Preferred Stock Purchase Agreements
Under the SPSPAs, Treasury initially received from each GSE: 1) 1,000,000 shares of non-voting variable liquidation preference senior preferred stock with a liquidation preference value of $1,000 per share and 2) a non-transferable warrant for the purchase, at a nominal cost, of 79.9 percent of common stock on a fully-diluted basis. The warrants expire on September 7, 2028. Under the August 2012 amendments to the SPSPAs, the quarterly dividend payment changed from a 10.0 percent per annum fixed rate dividend to an amount equivalent to the GSE’s positive net worth above a capital reserve amount. The capital reserve amount was initially set at $3.0 billion for calendar year 2013, declined to $2.4 billion on January 1, 2014, and $1.8 billion on January 1, 2015, and will continue to decline by $600 million at the beginning of each calendar year until it reaches zero by calendar year 2018. The GSEs will not pay a quarterly dividend if their positive net worth is below the required capital reserve threshold.
Cash dividends of $20.4 billion and $72.5 billion were received during fiscal years ended September 30, 2015, and 2014, respectively. Dividends received in fiscal year 2014 were primarily attributable to a federal income tax benefit that was recognized in the earnings of one GSE in fiscal year 2014.
The SPSPAs, which have no expiration date, provide that Treasury will disburse funds to the GSEs if at the end of any quarter, the FHFA determines that the liabilities of either GSE exceed its assets. The maximum amount available to each GSE under this agreement was previously based on a formulaic cap which ended December 31, 2012, at which time, the maximum amount became fixed. Draws against the funding commitment of the SPSPAs do not result in the issuance of additional shares of senior preferred stock; instead the liquidation preference of the initial 1,000,000 shares is increased by the amount of the draw. There were no payments to the GSEs for the fiscal years ended September 30, 2015 and 2014.
Senior Preferred Stock and Warrants for Common Stock
In determining the fair value of the senior preferred stock and warrants for common stock, Treasury relied on the GSEs’ public filings and press releases concerning their financial statements, as well as non-public, long-term financial forecasts, monthly summaries, quarterly credit supplements, independent research regarding preferred stock trading, independent research regarding the GSEs’ common stock trading on the OTC Bulletin Board, discussions with each of the GSEs and FHFA, and other information pertinent to the fair valuations. Because of the nature of the senior preferred stock and warrants, which are not publicly traded and for which there is no comparable trading information available, the fair valuations rely on significant unobservable inputs that reflect assumptions about the expectations that market participants would use in pricing.
The fair value of the senior preferred stock considers the amount of forecasted dividend payments. The fair valuations assume that a hypothetical buyer would acquire the discounted dividend stream as of the transaction date. The fair value of the senior preferred stock increased at September 30, 2015 when compared to 2014 primarily reflecting higher forecasted
GSE earnings derived from guarantee fees, lower volatility and risk in the mortgage lending industry, and lower forecasted mortgage loan losses due to reduced credit risk assumed by the GSEs.
The fair value of the warrants is impacted by the nominal exercise price and the large number of potential exercise shares, the market trading of the common stock that underlies the warrants as of September 30, the principal market, and the market participants. Other factors impacting the fair value include, among other things, the holding period risk related directly to the assumption of the amount of time that it will take to sell the exercised shares without depressing the market. The fair value of the warrants increased at the end of fiscal year 2015 when compared to 2014 primarily due to increases in the market price of the underlying common stock of each GSE.
Contingent Liability to GSEs
As part of the annual process undertaken by Treasury, a series of long-term financial forecasts are prepared to assess as of September 30, the likelihood and magnitude of future draws to be required by the GSEs under the SPSPAs within the forecast time horizon. Treasury used 25-year financial forecasts prepared through 2040 and 2039 in assessing if a contingent liability was required as of September 30, 2015 and 2014, respectively. If future payments under the SPSPAs are deemed to be probable within the forecast time horizon, Treasury will estimate and accrue a contingent liability to the GSEs to reflect the forecasted equity deficits of the GSEs. This accrued contingent liability will be undiscounted and will not take into account any of the offsetting dividends that could be received, as the dividends, if any, would be owed directly to the General Fund. Such recorded accruals will be adjusted in subsequent years as new information develops or circumstances change.
Based on the annual assessment, Treasury estimated no probable future funding draws as of September 30, 2015 and 2014, and thereby accrued no contingent liability. As of September 30, 2015 and 2014, the maximum remaining contractual commitment to the GSEs for the remaining life of the SPSPAs was $258.1 billion. Refer to Note 20-Commitments for a full description of other commitments and risks.
Estimation Factors
Treasury’s forecasts concerning the GSEs may differ from actual experience. Estimated senior preferred values and future draw amounts will depend on numerous factors that are difficult to predict including, but not limited to, changes in government policy with respect to the GSEs, the business cycle, inflation, home prices, unemployment rates, interest rates, changes in housing preferences, home financing alternatives, availability of debt financing, market rates of guarantee fees, outcomes of loan refinancings and modifications, new housing programs, and other applicable factors.
Regulatory Environment
To date, Congress has not approved a plan to address the future of the GSEs, and thus the GSEs continue to operate under the direction of their conservator, the FHFA, whose stated strategic goals for the GSEs are to: (1) maintain foreclosure prevention activities and credit availability to foster liquid, efficient, competitive, and resilient national housing finance markets; (2) reduce taxpayer risk through increasing the role of private capital in the mortgage market, and (3) build a new single-family securitization infrastructure.
The Temporary Payroll Tax Cut Continuation Act of 2011 (TPTCCA) was funded by an increase of 10-basis points in the GSEs’ guarantee fees which began in April 2012, and is effective through October 1, 2021. The increased fees are to be remitted to Treasury and not retained by the GSEs.
Accordingly, the increased fees do not affect the profitability of the GSEs. For fiscal years 2015 and 2014, the GSEs remitted to the Treasury the increased fees totaling $2.4 billion and $1.9 billion, respectively."
Investments in GSEs as of September 30, 2015
(In billions of dollars) Investments
Cumulative Valuation Gain/(Loss)
Gross
Fannie Mae senior preferred stock........................................ 117.0
(61.7)
Freddie Mac senior preferred stock....................................... 72.1
(35.5)
Fannie Mae warrants common stock .................................... 3.1
6.2
Freddie Mac warrants common stock ................................... 2.3
2.8
Total investments in GSEs ................................................. 194.5
(88.2)
Investments in GSEs as of September 30, 2014
Fair Value
55.3 36.6 9.3 5.1 106.3
Fair Value
52.7 31.4 7.7 4.0 95.8
Cumulative Valuation Gain/(Loss)
Gross
(In billions of dollars) Investments
Fannie Mae senior preferred stock........................................ 117.0
(64.3)
Freddie Mac senior preferred stock....................................... 72.1
(40.7)
Fannie Mae warrants common stock .................................... 3.1
4.6
Freddie Mac warrants common stock ................................... 2.3
1.7
Total investments in GSEs .................................................. 194.5
(98.7)
https://www.fiscal.treasury.gov/fsreports/rpt/finrep/fr/15frusg/02242016_FR(Final).pdf
"Daniel Schmerin: Let’s turn to Fannie Mae and Freddie Mac. Shareholders expressed a lot of support for our ongoing efforts. I know that you recently corresponded with a soldier bravely serving overseas in the 5th Marine Expeditionary Brigade.
Bruce Berkowitz: Yes, I was thrilled to receive his message and we should all be grateful for his service. A true patriot. Yet, he is one of thousands upon thousands of our shareholders affected by Fannie Mae and Freddie Mac.
Daniel Schmerin: Give listeners a brief overview of the state of play with respect to Fannie and Freddie.
Bruce Berkowitz: This should be a replay of our experience with AIG. Fannie and Freddie should be treated the same as AIG, and ultimately released of government control.
Let us back up a bit. Fannie Mae and Freddie Mac are absolutely essential to America’s housing market. Who else makes the 30-year pre-payable fixed-rate mortgage widely available through thick and thin? Who else can provide $7 trillion of liquidity to America’s housing market since 2009 helping low and moderate-income Americans buy, rent, or refinance a home?
Fannie and Freddie are two companies that help all Americans, whether they know it or not. Fannie and Freddie are definitely two of the most valuable companies in the world. It is still hard to believe that some in Washington want to eliminate them in the hope of
finding something better, or at least finding something that caters better to their special interests and crony capitalists.
But the Companies are not going away. Fannie Mae is relocating to a new million square foot office complex in downtown Washington, and Freddie Mac just announced that they hired several hundred new employees. If this Presidential Election is any indication, the days of such bureaucratic malfeasance are numbered.
I believe the United States Treasury is growing increasingly isolated as a result of its 8- year policy forcing Fannie and Freddie to remain in a state of captivity known as “conservatorship.” It is a shame and a huge delay of game. I am shocked that Senator Corker allowed the President to take $250 billion dollars without Congressional approval, a stunning figure that continues to grow and an action that may well cause the next financial crisis.
Daniel Schmerin: Can you explain the nature of our investments in Fannie and Freddie?
Bruce Berkowitz: We own preferred stock of two of the most successful companies in American history. Preferred stock is not common stock. Preferred stock is a contract, a contract that protects our bundle of economic rights. One of the rights it protects is a liquidation preference, a priority claim with regard to the repayment of principal. The contract is between a buyer and seller, and it is backed by the nation’s laws.
The Treasury also owns preferred stock. We own Preferred stock, the Treasury owns preferred stock, and a preferred stock is a preferred stock. But the Department of the Treasury seems to make up the rules as they go. They take everything with their preferred stock, and we don’t even receive a return of principal with our preferred stock.
I don’t understand why some believe they are above the law, and that they are able to choose who wins and loses. Fairholme and other shareholders aren’t seeking anything more than for Treasury to respect the capital structure of each company, to respect the economic bundle of rights associated with our securities and to respect the law setting forth the rules of a conservatorship as decreed by Congress in the passing of the Housing and Economic Recovery Act of 2008 (“HERA”).
Daniel Schmerin: A few years have elapsed since you initiated this investment. Do you have more or less conviction in Fannie and Freddie today than when you first bought?
Bruce Berkowitz: We have made enormous progress over the last 12 months, largely behind the scenes. With each passing day, we seem to be getting closer to the finish line, so I remain very optimistic.
We have the facts on our side. Fannie and Freddie are hugely profitable. We have the law on our side. We have common sense on our side, and we have history on our side. Alexander Hamilton, one of our founding fathers, made a momentous decision after the Revolutionary War to recognize the debt of states as federal debt. Hamilton chose not to differentiate between original holders of bonds and those who later bought the bonds from original holders. Hamilton believed it was imperative for our nation to honor all its obligations. So, while a statue of Hamilton sits outside the Treasury Department today, it doesn’t seem as though those inside today appreciate that precedent he set, but this will change.
Daniel Schmerin: Perhaps you can you elaborate on some of the progress. There are 22 cases pending across the country challenging the so-called “Net Worth Sweep,” the federal government’s blatantly illegal expropriation of private shareholders’ interests in these two companies, and it seems like there are more complaints filed with each passing month.
Bruce Berkowitz: Dan, anyone who is willing to spend an hour of time understanding the facts ends up shocked and outraged by the government’s unlawful actions. There are cases advancing in the District of Columbia, Iowa, Kentucky, Delaware, and Illinois. I expect that there will be judicial decisions on several of these cases this year.
Our lawyers have taken discovery on various topics relating to the Net Worth Sweep in the Court of Federal Claims. Plaintiffs in other courts have now obtained access to these discovery materials and are amending their complaints to make use of this information. Meanwhile, the government is fighting tooth and nail to withhold over 12,000 documents, and I believe those documents contain very incriminating evidence against the defendants.
So, we are advancing the ball down the field strategically and at an increasingly accelerated pace. It doesn’t look that way when you take a look at the price of our preferred stock, yet we are making substantial progress.
Daniel Schmerin: To pick up on that, in a speech just last week, Mel Watt, the conservator of Fannie and Freddie, expressed serious concern about the inability of these two companies to retain capital. In fact, he highlighted the escalating risks of this perpetual conservatorship.
Do you believe that Fannie and Freddie will need another bailout?
Bruce Berkowitz: Mel Watt is telling the truth. If you ask Director Watt if the Treasury Department is helping or hurting Fannie and Freddie, do you know what he will say? Treasury is hurting, and in fact making the situation much worse. The Treasury is significantly constraining his ability to effectively manage the conservatorship. He’d tell you that the sheep dog has turned into the wolf.
Fannie and Freddie have over $5 trillion of liabilities outstanding, yet Treasury is milking them of all their income and forcing them to operate with no capital. It’s absurd. If the government takes all of your wealth every quarter as the return on a forced investment, and never allows the repayment of that forced investment, then it is inevitable that there will come a time in the future when the government will force more investment on you, another so-called bailout.
Through the imposition of the Net Worth Sweep, Treasury usurps all past, present, and future earnings of Fannie and Freddie as so-called “dividends” in order to make repayment impossible. It is illegal. It defies contract, corporate, and investment laws that allow confidence in American financial markets.
But I can understand Treasury’s viewpoint. The Net Worth Sweep tries to cement a de facto nationalization of Fannie and Freddie. It has allowed and continues to allow an administration to magically reduce budget deficits and avoid congressional debt ceiling negotiations before presidential elections. I get it. But it is wrong, and it’s shortsighted.
Why are all financial institutions except for Fannie and Freddie subject to more stringent capital requirements imposed under Dodd-Frank? Leaving out the two largest financial institutions in the country makes Dodd-Frank toothless. How can you have a designation process for Systemically Important Financial Institutions and not start with Fannie and Freddie? It makes the entire SIFI designation process look like a sham.
Representatives in Congress are just now beginning to learn the truth and consequences of Treasury’s actions. Luckily, Director Watt has ample authority to fix this situation. A few days ago in the Financial Times, Fannie Mae CEO Tim Mayopoulos noted that Mel Watt had a range of options for solving the capital problem, such as allowing the companies to retain earnings, changing the terms of Treasury’s agreements with each company, and pushing the companies out of conservatorship so they can be recapitalized in another way.
Letting the companies retain what they make would be an awfully useful start to this process – after all Fannie and Freddie made over $17 billion in 2015, and they have repaid the government $250 billion to date.
Daniel Schmerin: That’s a lot of money, even in Washington.
Some shareholders have asked whether you believe this investment has a binary outcome, and whether our success hinges solely on a court decision. They also wondered whether there was an alternative dispute resolution mechanism beyond the courts.
Bruce Berkowitz: I don’t believe this is a binary outcome. This isn’t a light switch, there isn’t an on or off, zero or one. That would clearly violate our investment rules. We have a margin of safety: there is no alternative to Fannie and Freddie. They are tremendously profitable. They are not shrinking; they are growing. Sooner rather than later, they will be transformed into low-risk, public utilities with regulated rates of return just like your local water or electric company.
The government can’t have its cake and eat it too. It cannot de facto nationalize the two largest financial institutions in America, and pretend that it doesn’t have to consolidate their assets and liabilities on the federal balance sheet. Congress did not authorize the Treasury Department to nationalize these two companies. This charade must end soon
because our housing market, which comprises 23% of GDP, and our national economy are increasingly at risk. America cannot afford to get this wrong. We remain ready, willing, and able to help explore any feasible option in order to reach a mutually beneficial outcome for all stakeholders. Litigation was not our preferred course of action, but it has proven necessary. Make no mistake, we have been willing to negotiate and compromise from day one. We have been willing to talk constructively with Treasury from the get go.
In 2013, Treasury seemed to believe that Fannie and Freddie were worthless, so a consortium of investors, including Fairholme, offered to buy the insurance businesses of Fannie and Freddie. We received no written response to our offer. More recently, in late 2015, there was settlement communication between plaintiffs and the government, but frankly, given how deep Treasury has dug in its heels and tried to hide the truth by withholding evidence, it remains unclear to me whether Treasury is capable of having an earnest conversation. And the fact that Treasury has sent some staffers to work next door at the White House really raises the specter that the President and his most senior advisors are being purposefully misled."
http://www.fairholmefundsinc.com/Documents/Call2016.pdf
sweep
True Donotunderstand, it's in there, final relief.
Fairholme transcript
http://www.fairholmefundsinc.com/Documents/Call2016.pdf
You too H! $$$fnma,fmcc$$$
On Wednesday, March 2 Secretary Lew will preside over an executive session of the Financial Stability Oversight Council (Council) at the Treasury Department. The preliminary agenda includes an update on market developments, a discussion of the Council’s 2016 annual report, a discussion of the annual re-evaluation of the designation of a nonbank financial company, and an update regarding the Council’s ongoing work on asset management.
Yes, that got shot down, but where have the billions gone so far, and where do Fannie, Freddie profits continue to go in perpetuity?
Mike_usa, last year they covered Fannie, Freddie, and they have a link to court updates currently on their website, so it seems like Fannie and Freddie will be covered tomorrow.
http://www.fairholmefunds.com/
Rocco, I brought up Fannie, Freddie to Lew when he was in Denver covering Myra. He just kept repeating that myra was all going into Tbills when I asked about transparency, accountability. I'd like to see congress ask Lew, specifically, "By continuing to take Fannie, Freddie profits in perpetuity, is that not back door funding for the current administration's programs?"
Lew does what Lew wants to do. Just on FSOC, Lew is chairman, Watt is voting member.
Yes, but questions were due by Feb 19th.
http://www.fairholmefunds.com/
YW, Rocco!
http://www.fairholmefunds.com/
This is a reminder that Bruce Berkowitz will host a one-hour conference call TOMORROW, February 23, 2016, at 11:00 AM EST. Please click here to view the full press release.
Mr. Berkowitz will be providing commentary on investments while responding to questions submitted in advance by the public.
Participants are encouraged to review recent commentary and topical postings, as well as the online streaming details, by visiting www.FairholmeFunds.com.
To listen to the call online, click here.
U.S. and Canada Toll-Free Dial-In: (888) 267-5949
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Conference ID: 50083490
The conference line will open 10 minutes prior to start time. A transcript of the call will be edited for clarity and made available on the website after the call.
Kind regards,
Investor Relations