Quarter Ending 12/31/2011 Back to the Enlightened American Website
Bruce Berkowitz (Fairholme Capital)
*****  NEW POSITIONS TAKEN
% pos ch % val ch Change COMPANY Cur. Pos. Prev. Pos. Approx PPS Prev PPS Value Prev Value
N/A N/A JP MORGAN WARRANTS, 42.42 STRI 484,700 $8.50 $4,120,000
*****  SOLD OFF
% pos ch % val ch Change COMPANY Cur. Pos. Prev. Pos. Approx PPS Prev PPS Value Prev Value
N/A N/A AT&T INC COM 160,000 $28.52 $4,563,000
N/A N/A BANCO SANTANDER SA- ADR 510,000 $8.04 $4,100,000
N/A N/A BROOKFIELD ASSET MGMT INC CL A 22,246,400 $27.55 $612,888,000
N/A N/A ROYAL DUTCH SHELL PLC-ADR 70,000 $61.51 $4,306,000
N/A N/A TELEFONICA S.A. ADR 220,000 $19.12 $4,206,000
N/A N/A VERIZON COMMUNICATIONS INC COM 130,000 $36.80 $4,784,000
N/A N/A VODAFONE GROUP PLC - ADR 280,000 $25.65 $7,182,000
N/A N/A WINTHROP RLTY TR SH BEN INT NE 946,648 $8.69 $8,226,000
$0
*****  HOLD POSITIONS $0
% pos ch % val ch Change COMPANY Cur. Pos. Prev. Pos. Approx PPS Prev PPS Value Prev Value #VALUE!
0.00% 14.27% WELLS FARGO & CO NEW COM 31,400 31,400 $27.55 $24.11 $865,000 $757,000
0.00% 19.54% ASSURED GUARANTY LTD. 51,700 51,700 $13.13 $10.99 $679,000 $568,000
*****  AUGMENTED POSITIONS
% pos ch % val ch Change COMPANY Cur. Pos. Prev. Pos. Approx PPS Prev PPS Value Prev Value
2.34% -9.97% 561,729 AMERICAN INTL GROUP WTS 24,528,959 23,967,230 $5.51 $6.12 $135,154,000 $146,679,000
37.89% -25.46% 2,332,927 BANK OF AMERICA CORP. WTS 8,490,728 6,157,801 $2.02 $2.71 $17,151,000 $16,688,000
93.37% 11.29% 395,194 WELLS FARGO & CO NEW WTS 818,445 423,251 $8.58 $7.71 $7,022,000 $3,263,000 $3,390,640
$0
*****  REDUCED POSITIONS #VALUE!
% pos ch % val ch Change COMPANY Cur. Pos. Prev. Pos. Approx PPS Prev PPS Value Prev Value
-9.30% 5.69% -9,437,160 AMERICAN INTL GROUP COM 92,044,583 101,481,743 $23.20 $21.95 $2,135,434,000 $2,227,524,000
-0.71% -9.15% -750,300 BANK OF AMERICA CORP. COM 104,261,795 105,012,095 $5.56 $6.12 $579,696,000 $642,674,000
-0.69% 7.45% -28 BERKSHIRE HATHAWAY INC DEL CL 4,022 4,050 $114,755.10 $106,800.00 $461,545,000 $432,540,000 ($3,213,143)
-63.08% 7.40% -4,664,350 BERKSHIRE HATHAWAY INC DEL CL 2,730,141 7,394,491 $76.30 $71.04 $208,310,000 $525,305,000 ($355,890,318)
-3.88% 14.82% -752,100 CIT GROUP INC. 18,616,669 19,368,769 $34.87 $30.37 $649,163,000 $588,230,000 ($26,225,717)
-91.53% 2.69% -22,813,910 CITIGROUP INC COM 2,110,093 24,924,003 $26.31 $25.62 $55,517,000 $638,553,000 ($600,238,872)
-7.39% -4.38% -1,700 GOLDMAN SACHS GROUP, INC. 21,300 23,000 $90.42 $94.57 $1,926,000 $2,175,000 ($153,718)
-62.89% 10.80% -2,169,311 JEFFERIES GROUP INC NEW COM 1,280,300 3,449,611 $13.75 $12.41 $17,604,000 $42,810,000 ($29,827,814)
-1.18% 0.26% -218,612 LEUCADIA NATL CORP COM 18,278,538 18,497,150 $22.74 $22.68 $415,654,000 $419,515,000 ($4,971,237)
-3.99% 59.42% -1,931,800 MBIA INC COM 46,531,244 48,463,044 $11.59 $7.27 $539,297,000 $352,326,000 ($22,389,557)
-99.97% 29.32% -60,548,017 REGIONS FINANCIAL CORP 20,900 60,568,917 $4.31 $3.33 $90,000 $201,694,000 ($260,733,088)
-1.08% -2.20% -286,745 ST JOE CO COM 26,184,846 26,471,591 $14.22 $14.54 $372,348,000 $384,897,000 ($4,077,508)
-1.00% -44.75% -162,200 SEARS HLDGS CORP COM 16,108,492 16,270,692 $31.78 $57.52 $511,928,000 $935,890,000 #REF!
#REF!
($5,154,717)