Playing the Odds w/ Super-Investor Bruce Berkowitz (RWH041)
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- Опубліковано 22 тра 2024
- 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:
- What Bruce Berkowitz learned about odds by working as a bookmaker.
- What his stint as a broker taught him about how not to invest.
- Why he makes huge bets on a tiny number of stocks.
- How he’s riding a multi-decade wave of migration to Florida.
- How he justifies betting 80% of his fund on one stock.
- How he’s playing long-term trends in the energy sector.
- Why he’s changed the way he invests.
- Why he’s acutely wary of bank stocks.
- What he learned from losing big on Sears, Fannie Mae, & Freddie Mac.
- Why he views cash as a valuable form of “financial valium.”
- How he assesses the investment threat of global warming.
- Why he operates as a lone wolf, not part of a team.
- What he’s tried to teach his three children.
- How he handles setbacks.
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This is such a fantastic conversation. Bruce is not only a legendary investor but also a genuinely honest and humble human being. Kudos to William for being so well prepared for this interview. Just a treat to listen to!
So glad to hear that! ♥
When he speak about his dad, he's swallowing his emotions (sad/tears). '''Your life was in reaction to your dad ?''That was an amazing question with a truthful answer. We are ALL in reaction to our parents actions and our upbringing. Glad to see someone admitting it
Thanks so much for picking up on that, @vonb2792. Bruce is a wonderfully open and thoughtful guest. Warm wishes, William
You are incredibly perceptive, I had to rewatch and definitely picked up that depth
Humbled by Bruce's honesty and integrity, I learned so much from this interview
So glad you did! 💯
Delighted to hear it! Many thanks, @nickcousyn9361. Warm wishes, William
William should have this interview last year, before the signature bank was seized by government. I would not lose all the money for its stocks! Another Great talk!
Thanks so much for tuning in! 🙏
YT suggested this. Great interview. Thank you!
Awesome! Thank you for watching. 💯
3 years of cash is like "financial valium" is GOLD ADVICE
Thanks for watching! 🙌
William, I love your videos and the questions you ask. Richer, Wiser, Happier has to be one of the best titles I have read in the finance field. What really excites me is your ability to suss out the investment style and strengths of each investor. You also are willing to hold space for different styles of investing. Brilliant ❤
Thanks so much, @lesleyjohnson8488. That's very kind of you to say. I really appreciate it. Warm wishes, William
Listening to these two gentlemen converse was like a breath of fresh air.
Glad you liked the interview! 💯
Thanks so much! Warm wishes, William
Best content and interviews on UA-cam. So much wisdom. I love hearing peoples life stories we are only as good as the people who come before us.
Many thanks, @stockmarketinvesting4960. That's great to hear. Warm wishes, William
So happy to hear you enjoy our series! 🙏
very much appreciate your channel. it is a real finance channel that helps sincere investors a lot! thank you and keep up with the great work!
Thank you so much for the kind words! 🙏
Many thanks. So glad you're finding it helpful. Warm wishes, William
Beautiful interview. Got to go learn more about St. Joe's.
Thanks for watching! 🙌
And Enterprise Produkt Partners was his other favourite, wasn't it?
Many thanks! It's a fascinating company. Warm wishes, William
yes Enterprise Products Partners L.P. (EPD)@@user-fn2oy1rq5p
William, thank you for another exceptional interview. Your guest's humility, wisdom, and willingness to acknowledge past missteps were truly remarkable. It's evident why he's enjoyed a prosperous and esteemed investing career, earning respect among the most eminent value investors of our era.
Thank you for the kind words! ♥
Thanks so much, @pkozanov. Bruce was a wonderful guest -- as you say, humble, wise, and candid about his mistakes. A rare combination. Warm wishes, William
Another great conversation, William's preparedness and genuine curiosity and Bruce's humility and relatable stories. I'm very surprised I haven't heard of his investing before, as usual William is helping us layfolk discover the greats in plain clothing in front of us all along.
Glad you enjoyed the episode! ♥
Many thanks, @cryptogoth. I really appreciate your kind message. Warm wishes, William
Also, would like to say what a great interviewer you are Mr. Green! You always seem to find the best questions to ask during the interview and you're such a good listener.
Glad you enjoyed it! 🙌
Thanks so much! That's very kind of you to say. Warm wishes, William
This was really great! Rich content and insights. Thank you!
Glad it was helpful! 💡
Many thanks! So glad you enjoyed it. Warm wishes, William
A fan of Bruce this was a great interview, Bruce is such an independent thinker and I really appreciate that.. . Thanks to both of you ... I am always learning
Much appreciated! 🙌
Many thanks. I totally agree -- Bruce's ability to think and operate in a totally independent way is really remarkable. Warm wishes, William
It may seem torky to invest in Casino stocks, but in countries that have no casino, gamblers will often choose the stock market or sports or horse races to gamble. Buffett would sometimes find discarded bet papers at horse races, some of which had won. It's almost as if some were gambling for the adrenalin rush (like base jumping) not really caring about the outcome.
Great interview. Your respectful and inquisitive style is very appealing, Mr. Green. I just finished reading your book, by the way. A great read with so many lessons to draw from.
Wonderful! 🙌
Many thanks, @Kendal2378. That's very kind of you. Warm wishes, William
I like his St Joe thesis as an owner
Great interview, I have followed Bruce since 2010 and I learned a lot of new things about his life. Thank you!
Wonderful! 💡
Thanks a lot! I'm so glad you enjoyed this conversation. Warm wishes, William
Nice chap.😊
Thank you! Cheers! 🎉
Great interview as always William
Thanks a lot! I really appreciate it. Warm wishes, William
Glad you enjoyed it!
most you tube influencers so called investors are self absorbed in their brand ...they avoid telling you of their failures
Thanks, @mdo5121. Bruce is extraordinarily candid and self-effacing. It's very impressive to me. Warm wishes, William
Fantastic piece, thx a lot!
Many thanks! Much appreciated. Warm wishes, William
Glad you liked it! 💡
Narrowing in to your core competency overtime + ample cash & cashflows 💯 great episode, despite him being a tad bit held back.
Thanks so much for tuning in! 🙏
i Liked it William, good job
Glad to hear it, Jason. Thanks a lot. Warm wishes, William
DAMN-this guy is SO GOOD...I've been watching EPD since covid...enough already! Thanks William- hadn't heard of Bruce til now...
Glad you enjoyed the episode! 🎉
Thanks a lot! I glanced at your art -- it looks really good. Warm wishes, William
This was so beautiful. ❤
Glad you think so! ♥
Many thanks, Marc. I'm so glad it resonated for you. Warm wishes, William
William, this interview was awesome. I hope that one day you will be able to interview Peter Lynch in a setting like this one and have it uploaded. Most of the Lynch interviews are just copy paste of one another. I think a great interviewer like you is needed to have a meaningful conversation with him.
Thanks for watching! 🙏
@@WeStudyBillionaires I thank you guys for this amazing content! Do you think you can get Lynch on?
Thanks a lot! I'd love to interview Peter Lynch -- it's been more than two decades since I last interviewed him. Warm wishes, William
Excellent interview. Nobody can accuse Bruce of being a closet indexer
Thanks for tuning in! 💡
Thanks so much! Warm wishes, William
@westudybillionaires Sears have not filed bankrupcy in 2018. The filed chapter 11 and they have exited in March 2023. William have missed a lot of questions: where are the billions worth of real estate sold? Shareholders have been wiped out and there are lots of thing happening in the court right now
Has b berkowitz ever said anyt6 about bitcoin? Probably not into it
Not that I've heard or read. Warm wishes, William
FAIRX is the best mutual fund in the business.
Berko collects 80bps on a one stock fund.
Annual and semi-annual letters are three sentences.
Only shareholders left are the ones who are 20 year holders, waiting for death, and step up in basis to sell.
10 mill in fees and nothing happening.
Just sell the fund and buy 90% JOE and 10% MLPs for zero cost.
Bostons Irish neighbourhood?
I think using quality stock videos decrease the quality.
Will is full of Malarky when he talks about his Eaton friends gambling. That story is the oldest yarn in English history.
I checked the portfolio and there's nothing good in there... I'll maybe watch the video some other time for wisdom lessons but how good can those lessons be when they come from a guy who picks companies that don't respect basic investing criteria... Sorry... Chris Mayer is still the GOAT.
hey William- work on your American phrases..it's "pushback" not "kickback"
But I think he's brittish, so why you expect him to talk American phrases instead of brittish phrases?
@@dannthegentleman4261 certain ppl think america is just the world.. he thinks he speaks american. he must be one of those types
You're definitely right that I sometimes make these mistakes when I'm talking -- it's pretty much inevitable that I'll slip up and misspeak at some point in a two-hour interview. I could go back and edit out the glitches to make myself look smarter and more articulate, but I'd prefer to have it feel authentic. One time, I referred to a great spiritual teacher named Neem Karoli Baba as Neem Ali Baba... So, there it is. To my suprise, it turns out that I'm fallible. Warm wishes, William
His 5, 10 and 15 year track record significantly underperforms the S&P so why the interview?
may be perfect time to buy
98% of investors underperform the SP500, yet they still make money. And big money
the host is annoying and continually interrupts Berkowitz.
I agree. Warm wishes, William Green
@@RicherWiserHappier i’m chuckling as I imagine you interrupting this person mid-comment with your response
yup, hubris