According to Fortune struggling Fairholme Fund, which has shed half its value this year as investors yank money amid losses, added another victim this week: Bruce Berkowitz's partner Charlie Fernandez.
Fernandez was a restructuring hotshot Berkowitz hired in 2007. They met after Fernandez dated, and later married, Berkowitz's younger cousin. Fernandez moved into the mansion next to Berkowitz's outside Miami, and the two walked the neighborhood streets before dawn to talk investments. Berkowitz joked that it took him a lifetime to find his own Charlie -- a nod to Charlie Munger, Warren Buffett's longtime partner.
But lately the deals Fernandez specializes in have dried up. Fairholme has shriveled from $18 billion in January to $9 billion today, according to Morningstar, evaporating the cash reserves the fund had hoarded in anticipation of a huge restructuring wave over the next few years. Fernandez says he left for other opportunities…
Read more at http://finance.fortune.cnn.com/2011/10/20/fairholme-fund-charlie-fernandez/
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