Monday, December 3, 2012

Berkowitz

I was listening to this interview of Bruce Berkowitz

Some of his ideas:

Balance sheets are less false than the income statement - hence more reliable
Look back at people during their stressful periods - that's when you see the reality within people, sometimes its ugly.
Life is messy, business is messy, it's not smooth. It's a lumpy process. And if it was easy, everybody would do it.


And I cracked up at the 24:34 mark because it's so true. He put it bluntly:
"Value investors are strange people."

When asked about the benefits of permanent capital he said something related to the making of the next Berkshire Hathaway in Sears. Quite an interesting statement for someone who is very calculated with his words.

Must say, Love the way he talks!! :D

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