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 StockFund 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 multidecade wave of migration to Florida.
How he justifies betting 80% of his fund on one stock.
How he’s playing longterm 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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  BOOKS MENTIONED:
How the World Really Works by Vaclav Smil: https://amzn.to/3OJrMzW
Energy and Civilization by Vaclav Smil: https://amzn.to/3OLq4Ou

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ABOUT OUR SHOW  
On Richer, Wiser, Happier, William Green interviews highprofile 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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