Sunday, April 09, 2006

Bruce Berkowitz Interview; March 31, 2006

Consuelo Mack WealthTrack - Original Air Date: March 31, 2006


Here are some statements made by Bruce Berkowitz:

BRUCE BERKOWITZ: The investment field is a mine field, and the non-professional person, the person who is not 100% involved investing has some very serious issues. I believe it is very important who they pick and how they find a financial advisor or fund which is going to make all of the difference in the world. That's why when people ask me what they should do with their money, I talk about funds. Our strategy has been to really become a silent partner with who we consider to be the great business people in the United States. People that have tremendous paper trails, over long periods of time. Very successful, especially during adverse periods. People that eat their own cooking. They take their family net worth and put it into the same ideas they're recommending their clients to do. Situations where companies have a level playing field, where if you do well, the manager does very well, and if you don't do well, they get hurt.

And of course, you want to find someone with a level of honest and integrity and with a philosophy and strategy you can understand. Because during the most difficult periods, that's the time you may get shaken, and that's the time when you have to stay with these people.

BRUCE BERKOWITZ: As I was saying before, it feels good to have cash. The older I get, the more I want it. I can't predict the future. I can only react to what happens. And you need the cash to take advantage of the opportunities. And the same way we look for solid balance sheets with companies, I take a lack at our fund and I want to fund a company to have a solid balance sheet, and that liquidity is very important.

All the best,

Dah Hui Lau (David)

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