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
TIP597: Darwin's Investing Lessons w/ Kyle Grieve
TIP596: Building Wealth Through High-Quality Stocks w/ Stig Brodersen and Clay Finck
TIP595: Stock Market History & The AI Bubble w/ Jamie Catherwood
BTC162: The Free Speech Solution - Primal's Miljan Braticevic (Bitcoin Podcast)
RWH038: The $2.6 Trillion Man w/ Rick Rieder
TIP594: Contrarian Investing & Sir John Templeton w/ Scott Phillips
BTC161: Decentralizing Bitcoin Mining Pools w/ Bitcoin Mechanic (Bitcoin Podcast)
TIP593: Elon Musk by Walter Isaacson
BTC160: The Hidden Cost of Money w/ Seb Bunney
RWH037: Celebrating Charlie Munger w/ Mohnish Pabrai, Tom Gayner, Joel Greenblatt, & Chris Davis
TIP592: Outperforming the Market since 1998 w/ Andrew Brenton
BTC159: Binance, GBTC, FinCEN and More w/ Joe Carlasare & HODL (Bitcoin Podcast)
TIP591: Currencies and Debt w/ Lyn Alden
TIP590: Lifelong Learning w/ Jim Kwik
BTC158: Systemic Bond Issues & Bitcoin's Impact w/ James Lavish (Bitcoin Podcast)
TIP589: Stock Market Crises & Bubbles w/ Brendan Hughes
BTC157: Personal AI Models and Bitcoin w/ Jeff Booth (Bitcoin Podcast)
TIP588: Lucrative Opportunities in Private Credit w/ Nelson Chu
BTC156: Bitcoin is Not A Hedge w/ Parker Lewis (Bitcoin Podcast)
RWH036: The Power Of Simplicity w/ Anthony Kingsley
Create your
podcast in
minutes
It is Free
The Commercial Edge: Unleash the Power of People
The emPOWERed Half Hour
Money Girl
So Money with Farnoosh Torabi
The YNAB Podcast
Money Tree Investing
The Disciplined Investor