[credit provider=”youtube.com” url=”http://www.youtube.com/watch?v=o8Peyy2WcCM”]
Fairholme Capital Management’s Bruce Berkowitz — who has been betting heavily on the financials during last couple of years — has dumped his entire stakes in Citigroup and China Pacific Insurance, Bloomberg TV’s Dominic Chu reported. The famed money manager, who had ~5.2 million shares in Citi and ~109.9 million shares at the end of November, got completely out of those two financials stocks yesterday, Chu reported citing SEC regulatory filings.
Last year, he sold his stakes in Goldman Sachs and Morgan Stanley.
His Fairholme Fund also got crushed in 2011 thanks to his bullish bets on financials that got hammered.