Good quote from Bruce Berkowitz of Fairholme Funds, who was just named Morningstar’s U.S. mutual fund manager of the year for 2009.
I’ve had a lot of fun and continue to enjoy myself. We expand our circle of competence – slowly. We hopefully get better and wiser and don’t make the same mistake twice. After about 30 years I’ve made my fair share of mistakes.
I have a trick I use: I put all of my family’s money into the fund.
I’m using every device I know of to make sure we maintain a level playing field and put ourselves in the shoes of our shareholders. The only way to do that is to become as large a shareholder as possible.
Amen. But it’s only a “trick” in mutual fund world. Otherwise, it’s a Spoke Fund®, knowhatImean?
Here’s the whole interview. H/t @ManualofIdeas