Berkowitz's Fairholme Sold Almost All Its AIG Shares in Quarter
- Also unloaded more than 60 percent of Bank of America position
- Manager bet heavily on financial shares following recession
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Bruce Berkowitz, who bet heavily on financial stocks after they collapsed in the last recession, sold almost all of his remaining stake in American International Group Inc. and more than 60 percent of his holdings in Bank of America Corp. in the third quarter.
Berkowitz’s investment firm, Fairholme Capital Management LP, sold 18.1 million AIG shares, leaving him with about 743,000, according to a regulatory filing on Monday. Fairholme sold 48 million shares of Bank of America, cutting its stake to 27.5 million shares.