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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📖  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 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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