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Island Investing

Riffs, rants, and the upside of investing from way off Wall Street


Roger that, Bruce Berkowitz

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