Bruce Berkowitz Quotes
105 Bruce Berkowitz Quotes
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How many companies can I really know well over time and focus on, on a daily basis?
Bruce Berkowitz
[In August 2009] Cash became extremely valuable at the end of last year and towards the beginning of this year.
Bruce Berkowitz
It’s our job to estimate how much that investment is going to pay us back over time in cash.
Bruce Berkowitz
It’s hard to disguise a dollar in the bank as opposed to a dollar of GAAP earnings.
Bruce Berkowitz
[On 2008] It was an extremely tough time. We were down 28% last year which is better than most.
Bruce Berkowitz
Everything is correlated. People need to sell whatever they have and they sell what’s most liquid so even the baby gets thrown out with the bathwater.
Bruce Berkowitz
No panic. I felt real empathy for some of the shareholders who couldn’t take the stress of prices going down.
Bruce Berkowitz
I don’t see how a security if it goes down 50% in value [price] is riskier than it was when it was double that price.
Bruce Berkowitz
[In August 2009] It’s like grocery shopping your favorite foods on sale, your favorite company’s – you count the cash they generate and there’s not many times when you can find companies with a double-digit free cashflow yields which we found.
Bruce Berkowitz
When the panic sets in then you have some tremendous bargains.
Bruce Berkowitz
Almost by definition we are running toward that which most people are running away from. Because how else are you going to get a very reasonable cheap price on a good company unless the market place believes something is terribly wrong.
Bruce Berkowitz
[In August 2009] It wasn’t long ago that people, investors were paying 40 times earnings for our drug companies and today they’re in the high to mid single digits. With rock solid balance sheets, you can’t really ask for much more.
Bruce Berkowitz
[August 2009] We’re the largest owner of St Joe in Florida.
Bruce Berkowitz
[In August 2009 on future possible challenges of growth of Berkshire Hathaway due to size constraints even though he will do well] You have to take Warren Buffett at his word, he said ‘We’re big and it’s going to take a lot to move the needle and we expect to do well maybe two or three points above the S&P 500.’
Bruce Berkowitz
[If] you don’t know you might as well pass and move on.
Bruce Berkowitz
[August 2009] The credit markets are thawing out now which is essential.
Bruce Berkowitz
In the category of eating your own cooking. I just don’t understand how anyone could invest with someone who doesn’t have most of their family net worth involved in what they are doing for paying customers.
Bruce Berkowitz
You have to expect the unexpected and be positioned for it.
Bruce Berkowitz
You do have to ignore the crowd.
Bruce Berkowitz
[August 2009] People are going to relearn the basics of business again – that there are rainy days, leverage is a two edged sword, that you can get very wealthy slowly and you do not have to take excessive risks.
Bruce Berkowitz
[On predicting the future direction of the stock market] I am agnostic about the markets in general.
Bruce Berkowitz
The time to get greedy is when everybody’s running for the hills with fear. That’s usually a great time to get the greed going.
Bruce Berkowitz
I’ve always suffered from premature accumulation… I’ve always bought too early and felt the pain of buying too early. But the trick is not running out of cash.
Bruce Berkowitz
My best buying days are when you have that queasy feeling in your stomach. And the day that you are 100% confident about something is probably the day before you’re going to die a financial death.
Bruce Berkowitz
I’ve learnt the hard way – trust but verify.
Bruce Berkowitz
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