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Bruce Berkowitz at the University of Miami


txlaw

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Thanks for the post

 

I enjoyed his 5 characteristics he likes in a investment:

 

1.  It is hated & cheap

2.  It can be understood (in your circle of competence)

3.  It can make a reasonable profit

4.  It is run by honest/decent folks

5.  It doesn't have too many variable for the thesis to work out

 

He also mentioned how history ryhms with money center banks (it is like back in the early 1990s all over again).

 

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http://www.bus.miami.edu/news-and-media/recent-news/executive-residence-berkowitz.html

 

Berkowitz holds to a model of investment he calls “the fixable cancer model” in which he invests in a company that he sees has potential to grow after removing what is hurting it. He also decides what companies to invest in by determining if there is a margin of safety.

 

“We are very much focused on the idea of ‘what is the worst thing that can happen?’” said Berkowitz. “Can we make money? And if we don't think about how much money we're going to make, great things happen.”

 

He also advises not to take shortcuts when it comes to investment because it is not a simple process.

 

“There is no free lunch,” said Berkowitz. “Either it is not free or it is not lunch.”

 

To be successful, Berkowitz says that investors need to set themselves apart and take risks that go against the trend.

 

“You need to be comfortable with making your own decisions and doing your own homework and not listening to your dentists,” said Berkowitz.

 

 

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Nice flip flops. I know it's Miami, but come on, most of the audience was dressed pretty formally.

 

lol.  At least it looks like they had buckles :D

 

It was refreshing as well to see that he felt comfortable enough to have his shirt untucked and even open up a couple buttons.  I am sure it was quite a treat for the ladies of value investing (or, more accurately, lady).

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Seriously though. I've met tons of male value investors and few women. Where are they?! Is there a different message board?

 

I think I can explain.  Value investors are like the guys in high school who play Dungeons & Dragons.  They say it's more fun to play than go out on Friday night.  Often there will be one girl who likes to hang out too and each of the guys secretly hopes she'll be his girlfriend, but outwardly says she's just one of the guys.  That one girl?  She now hangs out on this board, but doesn't post.  So where are the women?  Check out a growth and momentum type board.  Ladies love a macho growth guy.

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All the hotties are on the Yahoo message boards. Fact.

 

Seriously though. I've met tons of male value investors and few women. Where are they?! Is there a different message board?

 

I think I can explain.  Value investors are like the guys in high school who play Dungeons & Dragons.  They say it's more fun to play than go out on Friday night.  Often there will be one girl who likes to hang out too and each of the guys secretly hopes she'll be his girlfriend, but outwardly says she's just one of the guys.  That one girl?  She now hangs out on this board, but doesn't post.  So where are the women?  Check out a growth and momentum type board.  Ladies love a macho growth guy.

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Berkowitz holds to a model of investment he calls “the fixable cancer model” in which he invests in a company that he sees has potential to grow after removing what is hurting it. He also decides what companies to invest in by determining if there is a margin of safety.

 

He is the man! (and it looks like I am just a clone)

 

http://variantperceptions.wordpress.com/2012/03/07/munger-on-the-perfect-turnaround/

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Berkowitz holds to a model of investment he calls “the fixable cancer model” in which he invests in a company that he sees has potential to grow after removing what is hurting it. He also decides what companies to invest in by determining if there is a margin of safety.

 

He is the man! (and it looks like I am just a clone)

 

http://variantperceptions.wordpress.com/2012/03/07/munger-on-the-perfect-turnaround/

 

I thought you promised us a new blog post soon?  Your readers demand it!  =p

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Great interview!  I've loved this guy since he started Fairholme, and I always thought he fell into that category of managers that Buffett would hire.  Just has the perfect temperament for the business. 

 

And what about that accent...you could pretty much see him raise his arms and say "It is what it is...mashuguna!"  Love listening to him talk about investing and the industry.  Cheers! 

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Great interview!  I've loved this guy since he started Fairholme, and I always thought he fell into that category of managers that Buffett would hire.  Just has the perfect temperament for the business. 

 

And what about that accent...you could pretty much see him raise his arms and say "It is what it is...mashuguna!"  Love listening to him talk about investing and the industry.  Cheers!

See him squirming in his seat though when he got the question about permanent capital. "The magic sauce"

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And what about that accent...you could pretty much see him raise his arms and say "It is what it is...mashuguna!"  Love listening to him talk about investing and the industry.  Cheers!

 

That is funny.  As someone whose grandmother always called the kids meshugana, brings back some memories!

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And what about that accent...you could pretty much see him raise his arms and say "It is what it is...mashuguna!"  Love listening to him talk about investing and the industry.  Cheers!

 

That is funny.  As someone whose grandmother always called the kids meshugana, brings back some memories!

 

He's got that old lady from Brooklyn (or in his case Boston) accent.  A great investor though and one of the best at giving honest, clear answers.  Cheers!

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Seriously though. I've met tons of male value investors and few women. Where are they?! Is there a different message board?

 

I think I can explain.  Value investors are like the guys in high school who play Dungeons & Dragons.  They say it's more fun to play than go out on Friday night.  Often there will be one girl who likes to hang out too and each of the guys secretly hopes she'll be his girlfriend, but outwardly says she's just one of the guys.  That one girl?  She now hangs out on this board, but doesn't post.  So where are the women?  Check out a growth and momentum type board.  Ladies love a macho growth guy.

 

hahaha. epic.  :D

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And what about that accent...you could pretty much see him raise his arms and say "It is what it is...mashuguna!"  Love listening to him talk about investing and the industry.  Cheers!

 

That is funny.  As someone whose grandmother always called the kids meshugana, brings back some memories!

 

He's got that old lady from Brooklyn (or in his case Boston) accent.  A great investor though and one of the best at giving honest, clear answers.  Cheers!

 

It's a distinctive accent for sure.  In a grandmother it calls out to make sure everyone eats a piece of fruit.  He is a wonderful investor, one of my faves.  I love his tenacity and his ability to present a thesis in a simple and easily understood manner.

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Berkowitz holds to a model of investment he calls “the fixable cancer model” in which he invests in a company that he sees has potential to grow after removing what is hurting it. He also decides what companies to invest in by determining if there is a margin of safety.

 

He is the man! (and it looks like I am just a clone)

 

http://variantperceptions.wordpress.com/2012/03/07/munger-on-the-perfect-turnaround/

 

I thought you promised us a new blog post soon?  Your readers demand it!  =p

 

Yes Plan, I wish you blogged more.  You have a very nice site.

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Berkowitz holds to a model of investment he calls “the fixable cancer model” in which he invests in a company that he sees has potential to grow after removing what is hurting it. He also decides what companies to invest in by determining if there is a margin of safety.

 

 

He is the man! (and it looks like I am just a clone)

 

http://variantperceptions.wordpress.com/2012/03/07/munger-on-the-perfect-turnaround/

 

I thought you promised us a new blog post soon?  Your readers demand it!  =p

 

Yes Plan, I wish you blogged more.  You have a very nice site.

 

Another fan here!  :)

 

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