The fundamentals on this business are amazing. They got crushed during the 2008 recession, granted, but they seem to have put that behind them and are posting some very positive numbers across the board. With almost 20$ in upside just to get to the book value I don't see how this can't be a strong win in the long run. Who else is long AIG?
Bruce Berkowitz has almost half of his fund's (FAIRX) money in it, and has had about another 25% of his $ in other financials. I could see why he may have been so big on these names after the dust cleared in early '09, but I don't understand why he continues to hold on to them and other names such as Sears Holdings, particularly in such high concentrations. This was in fact what caused him to be down 32% in '11. Negative 3 year rev growth, below ave 3 year net income growth. There are thousands of other stocks out there, many likely to go higher IMO and not get hit as hard if we have another crash. I'd rather Goldman, Wells Fargo, & JPM in the financials.