Jacob Wolinsky submits: Bruce Berkowitz was voted guru of the year on gurufocus.com. Tuesday Berkowitz has added another award. Morningstar.com announced that Bruce Berkowitz won the award for domestic equity manager of 2009. Berkowitz bested other famous value investing gurus, including Bill Nygren of Oakmark funds and Mason Hawkins and Stanley Cates of Longleaf Partners. Berkowitz’s Fairholme Fund returned 39% versus 26.5% for the S&P 500 in 2009. Morningstar notes that this feat is more impressive accounting for the fact that 17% of his fund is in cash. Morningstar also notes that in 2008, Berkowitz also outperformed the S&P, losing 30% versus 37% loss for the S&P. The article also notes that Berkowitz drastically reduced his stakes in energy stocks, and was heavily invested in health care stocks in 2009.Complete Story »
