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. 🤝 Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig and the other community members: https://theinvestorspodcast.com/mastermind 📈 Learn to invest like legend investors do — from the company that has interviewed them. Use YOUTUBE15 to get 15% off! https://theinvestorspodcast.podia.com/how-to-get-started-with-stocks 💰Click here to download your FREE guide to Stop Worrying About Your Finances In 4 Simple Steps: https://www.theinvestorspodcast.com/subscribe-youtube/ ▶️ RELATED EPISODES: - Meet Superinvestor Rick Rieder, the Man Who Oversees $2.6 Trillion: https://youtu.be/7DwMWmH_XuQ - A Simple Path to Superb Returns w/ Anthony Kingsley: https://youtu.be/LzxetiJgS3M - The Vigilant Investor’s Guide to Success in Stocks & Life w/ Chris Bloomstran: https://youtu.be/kM8Z7cWtKV4 🎧 Listen to our episodes here: https://open.spotify.com/show/28RHOkXkuHuotUrkCdvlOP 🖊️ Access the transcript and learn more about the guest here: https://www.theinvestorspodcast.com/richer-wiser-happier/ignore-the-crowd-w-super-investor-bruce-berkowitz/ 📖  BOOKS MENTIONED: - How the World Really Works by Vaclav Smil: https://amzn.to/3OJrMzW - Energy and Civilization by Vaclav Smil: https://amzn.to/3OLq4Ou Disclosure: Some of the links above are affiliate links that we may earn commission from. This helps keep our show going! 😀 💡 OTHER RESOURCES - Seeking Alpha is a crowd-sourced content service for financial markets. Take control of your financial future — Use our link here for a 14-day free trial: https://www.sahg6dtr.com/59QC8Z/R74QP/ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ 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. 🌍 Website: https://www.theinvestorspodcast.com/richer-wiser-happier/  📝 Help us understand our audience better so we can create a more intentional user experience by answering this survey! https://www.theinvestorspodcast.com/survey2023-youtube ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ 📚OUR FREE INVESTING COURSES/RESOURCES https://www.theinvestorspodcast.com/tip-academy/ 📊TRY OUR STOCK INVESTING TOOL: TIP FINANCE https://www.theinvestorspodcast.com/tip-finance/ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ❗ DISCLAIMER: This show is for entertainment purposes only. Before making any decisions consult a professional. This show is copyrighted by The Investor’s Podcast Network. Written permission must be granted before syndication or rebroadcasting.