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New SEC filings show that stock-stud Bruce Berkowitz, manager of Fairholme (FAIRX) recently bought a stake in Cisco Systems (Nasdaq: CSCO). Berkowitz doesn't mess around -- he loves to dabble in hated stocks that have long term competitive advantages. He's incredibly patient, has remarkable fortitude, and wildly successful. He's an investor I admire greatly.

In typical Fairholme fashion, Berkowitz went in big on Cisco:

* 35.8 MM shares
* Average price of $19.45
* ~4% of the fund's assets


With Cisco's shares now around $16.60, Berkowitz is down almost 15%, and my guess is that he has bought more since the filing.

Even with this piece of data, I'm still leery of Cisco for reasons I've cited elsewhere on this board. But at some price, I won't be able to ignore the shares.

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