Playing the Odds w/ Super-Investor Bruce Berkowitz (RWH041)

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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On Richer, Wiser, Happier, William Green interviews high-profile guests such as Howard Marks, Joel Greenblatt, and Ray Dalio. Exploring what they can teach us about how to succeed in markets and life.

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[WeStudyBillionaires]

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[blek]

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!

[vonb]

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

[olganatzowski]

Thank you so much having Bruce interviewed over such an extended time. Enjoyed it and it is much appreciated!

[rokker]

YT suggested this. Great interview. Thank you!

[nickcousyn]

Humbled by Bruce's honesty and integrity, I learned so much from this interview

[ljragsandfeathers]

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 ❤

[TLAyf]

Listening to these two gentlemen converse was like a breath of fresh air.

[stockscompound]

Best content and interviews on YouTube. So much wisdom. I love hearing peoples life stories we are only as good as the people who come before us.

[wenkaiyang]

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!

[brentarchibald]

Great interview, I have followed Bruce since 2010 and I learned a lot of new things about his life. Thank you!

[mago]

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

[pkozanov]

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.

[learner-long-life]

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.

[PE-TX]

This was really great! Rich content and insights. Thank you!

[PE-TX]

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.

[fekafie]

3 years of cash is like "financial valium" is GOLD ADVICE

[Kendal]

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.

[radigeorgiev]

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.

[value_investing]

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!