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 - Intro04:44 - 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<ul>
<li>Bruce Berkowitz’s investment firm, <a href="https://www.fairholmefunds.com/">Fairholme Funds</a>.</li>
<li>Vaclav Smil’s book <a href="https://www.amazon.com/How-World-Really-Works-Science/dp/B09FC3D9ZQ?crid=1LKBI13AWWA7E&keywords=vaclav+smil+books&qid=1707702489&sprefix=vaclav+%2Caps%2C207&sr=8-1&linkCode=ll1&tag=tipnetwork-20&linkId=2e563a8051a566c8edd7804581d981c3&language=en_US&ref_=as_li_ss_tl">How the World Really Works</a>.</li>
<li>Vaclav Smil’s book <a href="https://www.amazon.com/dp/B07CMXCWK2?plink=Nu3VRMvmknvZGCUB&pf_rd_r=H13JQG0J4FXHM2DKD1FY&pf_rd_p=c5755cb4-5d8b-42ba-904c-400bf4cbed42&linkCode=ll1&tag=tipnetwork-20&linkId=52a123ff4cfbc633906b64a5e8eade8a&language=en_US&ref_=as_li_ss_tl">Energy & Civilization</a>.</li>
<li>William Green’s book, “Richer, Wiser, Happier” – <a href="https://www.amazon.com/Richer-Wiser-Happier-Greatest-Investors/dp/1501164856?&linkCode=ll1&tag=tipnetwork-20&linkId=5cab43a618c2601c03e74f89887c4ed9&language=en_US&ref_=as_li_ss_tl">read the reviews of this book</a>.</li>
<li>Follow William Green on X (AKA <a href="https://twitter.com/williamgreen72">Twitter</a>).</li>
<li>Check out all the books mentioned and discussed in our podcast episodes <a href="https://prodcast.io/rwh">here</a>.</li>
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RWH041: Ignore the Crowd w/ Super-investor Bruce Berkowitz

We Study Billionaires - The Investor’s Podcast Network