We Study Billionaires - The Investor’s Podcast Network
Business:Investing
In this episode, William Green chats with famed investor Bruce Berkowitz, whose Fairholme Fund has beaten the S&P 500 by 529 percentage points over 23 years. Bruce, who was named Morningstar’s Domestic Stock-Fund Manager of the Decade in 2009, talks here about the ups & downs of his volatile career, how he changed his investment strategy after three costly losses, why he likes cash as a kind of “financial valium,” & why 80% of his fund is riding on one stock.
IN THIS EPISODE, YOU’LL LEARN:
00:00 - Intro
04:44 - What Bruce Berkowitz learned about odds by working as a bookmaker.
06:26 - What his stint as a broker taught him about how not to invest.
34:18 - Why he makes huge bets on a tiny number of stocks.
41:53 - How he’s riding a multi-decade wave of migration to Florida.
48:57 - How he justifies betting 80% of his fund on one stock.
54:59 - How he’s playing long-term trends in the energy sector.
56:56 - Why he’s changed the way he invests.
59:08 - Why he’s acutely wary of bank stocks.
59:20 - What he learned from losing big on Sears, Fannie Mae, & Freddie Mac.
1:17:53 - Why he views cash as a valuable form of “financial valium.”
1:28:51 - How he assesses the investment threat of global warming.
1:33:50 - Why he operates as a lone wolf, not part of a team.
1:39:53 - What he’s tried to teach his three children.
1:45:31 - How he handles setbacks.
Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.
BOOKS AND RESOURCES
Support our free podcast by supporting our sponsors:
HELP US OUT!
Help us reach new listeners by leaving us a rating and review on Apple Podcasts! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it!
Learn more about your ad choices. Visit megaphone.fm/adchoices
TIP503: The Story of Airbnb and Brian Chesky
RWH018: How to be Happy w/ Tsoknyi Rinpoche & Daniel Goleman
TIP502: How to Run Your Own Private Equity Portfolio w/ Darin Soat
BTC107: The Real Impact of the IMF and World Bank w/ Alex Gladstein and Sam Callahan (Bitcoin Podcast)
TIP501: Investing During an Inflationary Environment
TIP500: Berkshire Hathaway Shareholder's Meeting and Intrinsic Value w/ Stig Brodersen and Clay Finck
TIP499: Investing Through A Bear Market w/ David Gardner
BTC106: FTX Failure, GBTC, Genesis DCG & more w/ Dylan LeClair (Bitcoin Podcast)
TIP498: Ray Dalio's Book - Big Debt Crises & How the Economic Machine Works
RWH017: Fidelity Legend Joel Tillinghast
Classic 22: Life and investing w/ Mohnish Pabrai
BTC105: It's Bitcoin Not Crypto w/ Cory Klippsten (Bitcoin Podcast)
TIP497: Lessons from Billionaire Howard Marks
TIP496: Mastermind Q4 2022 w/ Tobias Carlisle and Hari Ramachandra
TIP495: The Changing Composition of Money w/ Alfonso Peccatiello
BTC104: The US FED & Treasury Need Bitcoin w/ Luke Mikic (Bitcoin Podcast)
TIP494: The Worldly Wisdom of Charlie Munger
RWH016: The Best Of The Best w/ François Rochon
TIP493: Should CEOs Have Term Limits? w/ Bill George
BTC103: Bitcoin Policy Update w/ Jason Brett (Bitcoin Podcast)
Create your
podcast in
minutes
It is Free
The emPOWERed Half Hour
Forward Guidance
Macro Voices
Money Girl
So Money with Farnoosh Torabi
The YNAB Podcast