Bruce Berkowitz (Trades, Portfolio) recently submitted the N-PORT filing for the second quarter of 2025, providing insights into his investment moves during this period. Bruce Berkowitz (Trades, Portfolio) is the founder and the Managing Member of the Fairholme Fund (Trades, Portfolio). Prior to forming Fairholme Capital Management, Mr. Berkowitz was a Managing Director of Smith Barney, Inc. from December of 1993 to October of 1997. Bruce Berkowitz (Trades, Portfolio) concentrates his investments in a relatively small number of companies. He thinks that the more diversified the portfolio, the more likely the performance will be average. He likes companies with great managers, and deeply undervalued stocks. Benjamin Graham's "The Intelligent Investor" serves as the inspiration for Berkowitz' investment strategy. He focuses investments on companies that have exceptional management, that generate free cash, and that are cheaply priced. Berkowitz will also invest in mediocre companies that are trading at a significant discount to intrinsic value where there exists a catalyst event that makes it likely the gap between market price and intrinsic value will narrow in a reasonable amount of time.