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Its no secret I am a Bruce Berkowitz fan. I believe his investment thesis for his stock picks are simple and usually make sense and we often find ourselves going into similar industries like Defense. Plus, hes the main reason I have started using free cash flow yield as a valuation metric. Anyway, below are a couple of great pieces concerning some of his recent picks in which Bruce was interview on Outstanding Investor Digest and a conference call with Pfeizer CEO Jeff Kindler.
Bruce Berkowitz Outstanding Investor Digest Interview
I enjoy OID but for some reason they haven’t produced interviews like before in terms of quantity. But, ill take quality any day.Anyway, this OID really reveals a lot of how Bruce approaches security analysis. As a matter of fact, if I had to compare myself to any investor over the past year, it would be Bruce. Too bad, I didn’t avoid AIG like he did. One final note concerning PFE, while I think its a great business and undervalued, I don’t understand PFE being the biggest position in Bruce’s portfolio which according to Google finance represents 18% of the portfolio. I guess this goes back to the old Peter Lynch classification of stocks in which he put large amounts of money on smaller companies, rather than large caps due to the smaller companies ability to grow at an above average rate. Quite frankly, its much easier for ABC with a market cap of 1 billion to triple than someone like Pfeizer to triple.
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