Berkowitz from 1992 On Bank Stocks
- Posted by ToddSullivan
- on September 9th, 2011
Got this emailed to me tonight. I think it was posted originally on gurufocus.com but not sure….
The parallels between now and 1992 are stunning. In 1992 it was $WFC, today it is $BAC. Even the arguments against the banks are nearly identical. It is interesting that at the time of the interview he had 33% of his liquid net worth in the stock (this was before $FAIRX was formed) and was buying more. It should also be noted here that Buffett made a killing in the 70′s-80′s in $AXP shares that at one time were 40% of Berkshire’s ($BRK.A) portfolio. I wondering how many people were telling them to diversify for “safety”?
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Todd's investing strategy is essentially long with the rare short. He seeks to buy undervalued issues with an upcoming catalyst that will help them realized.... More »
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