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

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Күн бұрын

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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Пікірлер: 103

@WeStudyBillionaires 4 ай бұрын

📌 Check out this video next: kzfaq.info/get/bejne/etaVipl83a_HgZ8.html ⚠ IMPORTANT: Please beware of cyber scams and phishing attacks. We will never ask for your contact info in the comments section. Kindly report suspicious accounts you see below. Thank you!

@blek99 2 ай бұрын

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!

@WeStudyBillionaires 2 ай бұрын

So glad to hear that! ♥

@olganatzowski Ай бұрын

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

@WeStudyBillionaires Ай бұрын

Glad you enjoyed it! 💯

@vonb2792 4 ай бұрын

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

@RicherWiserHappier 4 ай бұрын

Thanks so much for picking up on that, @vonb2792. Bruce is a wonderfully open and thoughtful guest. Warm wishes, William

@dessanguyen Ай бұрын

You are incredibly perceptive, I had to rewatch and definitely picked up that depth

@nickcousyn9361 4 ай бұрын

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

@WeStudyBillionaires 4 ай бұрын

So glad you did! 💯

@RicherWiserHappier 4 ай бұрын

Delighted to hear it! Many thanks, @nickcousyn9361. Warm wishes, William

@user-lf2lf6wy4z 4 ай бұрын

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

@WeStudyBillionaires 4 ай бұрын

Glad you liked the interview! 💯

@RicherWiserHappier 4 ай бұрын

Thanks so much! Warm wishes, William

@rokker333 3 ай бұрын

YT suggested this. Great interview. Thank you!

@WeStudyBillionaires 3 ай бұрын

Awesome! Thank you for watching. 💯

@lesleyjohnson8488 4 ай бұрын

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 ❤

@RicherWiserHappier 4 ай бұрын

Thanks so much, @lesleyjohnson8488. That's very kind of you to say. I really appreciate it. Warm wishes, William

@value_investing 2 ай бұрын

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!

@WeStudyBillionaires 2 ай бұрын

Thanks so much for tuning in! 🙏

@fekafie 3 ай бұрын

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

@WeStudyBillionaires 3 ай бұрын

Thanks for watching! 🙌

@stockmarketyolo 4 ай бұрын

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

@RicherWiserHappier 4 ай бұрын

Many thanks, @stockmarketinvesting4960. That's great to hear. Warm wishes, William

@WeStudyBillionaires 4 ай бұрын

So happy to hear you enjoy our series! 🙏

@pkozanov 4 ай бұрын

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.

@WeStudyBillionaires 4 ай бұрын

Thank you for the kind words! ♥

@RicherWiserHappier 4 ай бұрын

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

@wenkaiyang1487 4 ай бұрын

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!

@WeStudyBillionaires 4 ай бұрын

Thank you so much for the kind words! 🙏

@RicherWiserHappier 4 ай бұрын

Many thanks. So glad you're finding it helpful. Warm wishes, William

@mago3331 4 ай бұрын

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

@WeStudyBillionaires 4 ай бұрын

Much appreciated! 🙌

@RicherWiserHappier 4 ай бұрын

Many thanks. I totally agree -- Bruce's ability to think and operate in a totally independent way is really remarkable. Warm wishes, William

@cryptogoth 4 ай бұрын

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.

@WeStudyBillionaires 4 ай бұрын

Glad you enjoyed the episode! ♥

@RicherWiserHappier 4 ай бұрын

Many thanks, @cryptogoth. I really appreciate your kind message. Warm wishes, William

@brentarchibald7605 4 ай бұрын

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

@WeStudyBillionaires 4 ай бұрын

Wonderful! 💡

@RicherWiserHappier 4 ай бұрын

Thanks a lot! I'm so glad you enjoyed this conversation. Warm wishes, William

@PE-TX 4 ай бұрын

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.

@WeStudyBillionaires 4 ай бұрын

Glad you enjoyed it! 🙌

@RicherWiserHappier 4 ай бұрын

Thanks so much! That's very kind of you to say. Warm wishes, William

@HepCatJack 4 ай бұрын

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.

@Kendal2378 4 ай бұрын

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.

@WeStudyBillionaires 4 ай бұрын

Wonderful! 🙌

@RicherWiserHappier 4 ай бұрын

Many thanks, @Kendal2378. That's very kind of you. Warm wishes, William

@MosesKim-je5rj 4 ай бұрын

Beautiful interview. Got to go learn more about St. Joe's.

@WeStudyBillionaires 4 ай бұрын

Thanks for watching! 🙌

@user-fn2oy1rq5p 4 ай бұрын

And Enterprise Produkt Partners was his other favourite, wasn't it?

@RicherWiserHappier 4 ай бұрын

Many thanks! It's a fascinating company. Warm wishes, William

@GrindThisGame 4 ай бұрын

yes Enterprise Products Partners L.P. (EPD)@@user-fn2oy1rq5p

@mdo5121 4 ай бұрын

most you tube influencers so called investors are self absorbed in their brand ...they avoid telling you of their failures

@RicherWiserHappier 4 ай бұрын

Thanks, @mdo5121. Bruce is extraordinarily candid and self-effacing. It's very impressive to me. Warm wishes, William

@PE-TX 4 ай бұрын

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

@WeStudyBillionaires 4 ай бұрын

Glad it was helpful! 💡

@RicherWiserHappier 4 ай бұрын

Many thanks! So glad you enjoyed it. Warm wishes, William

@talalm.al-ajeel5608 4 ай бұрын

Narrowing in to your core competency overtime + ample cash & cashflows 💯 great episode, despite him being a tad bit held back.

@WeStudyBillionaires 4 ай бұрын

Thanks so much for tuning in! 🙏

@RafitoMembroza 4 ай бұрын

I like his St Joe thesis as an owner

@jaanliitmae6599 4 ай бұрын

Fantastic piece, thx a lot!

@RicherWiserHappier 4 ай бұрын

Many thanks! Much appreciated. Warm wishes, William

@WeStudyBillionaires 4 ай бұрын

Glad you liked it! 💡

@jasoncloner 4 ай бұрын

i Liked it William, good job

@RicherWiserHappier 4 ай бұрын

Glad to hear it, Jason. Thanks a lot. Warm wishes, William

@royjones59344 4 ай бұрын

Excellent interview. Nobody can accuse Bruce of being a closet indexer

@WeStudyBillionaires 4 ай бұрын

Thanks for tuning in! 💡

@RicherWiserHappier 4 ай бұрын

Thanks so much! Warm wishes, William

@mmm-cake 4 ай бұрын

Great interview as always William

@RicherWiserHappier 4 ай бұрын

Thanks a lot! I really appreciate it. Warm wishes, William

@WeStudyBillionaires 4 ай бұрын

Glad you enjoyed it!

@johnnymartinARTIST 4 ай бұрын

DAMN-this guy is SO GOOD...I've been watching EPD since covid...enough already! Thanks William- hadn't heard of Bruce til now...

@WeStudyBillionaires 4 ай бұрын

Glad you enjoyed the episode! 🎉

@RicherWiserHappier 4 ай бұрын

Thanks a lot! I glanced at your art -- it looks really good. Warm wishes, William

@crimeajewel 4 ай бұрын

Nice chap.😊

@WeStudyBillionaires 4 ай бұрын

Thank you! Cheers! 🎉

@radigeorgiev9662 4 ай бұрын

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.

@WeStudyBillionaires 4 ай бұрын

Thanks for watching! 🙏

@radigeorgiev9662 4 ай бұрын

@@WeStudyBillionaires I thank you guys for this amazing content! Do you think you can get Lynch on?

@RicherWiserHappier 4 ай бұрын

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

@matc956 4 ай бұрын

This was so beautiful. ❤

@WeStudyBillionaires 4 ай бұрын

Glad you think so! ♥

@RicherWiserHappier 4 ай бұрын

Many thanks, Marc. I'm so glad it resonated for you. Warm wishes, William

@lionels839 3 ай бұрын

@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

@andrewmarusic1975 4 ай бұрын

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.

@danielfitzpatrick5799 4 ай бұрын

Has b berkowitz ever said anyt6 about bitcoin? Probably not into it

@RicherWiserHappier 4 ай бұрын

Not that I've heard or read. Warm wishes, William

@chrismullarkey3181 4 ай бұрын

Will is full of Malarky when he talks about his Eaton friends gambling. That story is the oldest yarn in English history.

@sanjaykale6235 4 ай бұрын

Bostons Irish neighbourhood?

@blaquiere141 4 ай бұрын

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.

@hello-4229 Ай бұрын

I think using quality stock videos decrease the quality.

@johnnymartinARTIST 4 ай бұрын

hey William- work on your American phrases..it's "pushback" not "kickback"

@dannthegentleman4261 4 ай бұрын

But I think he's brittish, so why you expect him to talk American phrases instead of brittish phrases?

@mr.e9778 4 ай бұрын

@@dannthegentleman4261 certain ppl think america is just the world.. he thinks he speaks american. he must be one of those types

@RicherWiserHappier 4 ай бұрын

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

@chrismullarkey3181 4 ай бұрын

His 5, 10 and 15 year track record significantly underperforms the S&P so why the interview?

@jasoncloner 4 ай бұрын

may be perfect time to buy

@MoiseLevi 4 ай бұрын

98% of investors underperform the SP500, yet they still make money. And big money