Dylan is a former attorney turned private investor focused on small/microcap stocks and overlooked pockets of the market. He publishes a free newsletter on Substack called Raging Bull Investments, which provides deep-dive investment write-ups and occasional market commentary, and is active on Twitter as raging bull cap/Jake LaMotta.

Richard Cook, Co-Founder of Cook and Bynum, stops by The Business Brew to discuss his approach to global investing. Richard discusses his concentrated investment strategies, focusing on emerging markets, government dynamics, consumer behavior, and intrinsic value.

Highlighting key investments in markets like Mexico, Turkey, Pakistan, and Bangladesh, Richard discusses operational execution, investor relations, and long-term strategic planning. The episode also covers strategic investments during the Greek financial crisis, the role of conservative management, and the importance of understanding market dynamics.

With reflections on experiences in South Africa, Costa Rica, and Turkey, this conversation offers invaluable insights into global investment strategies and the essential qualities of successful business leaders.

Tune in to gain expert knowledge on navigating global investments and building a successful investment firm.

00:00 Welcome to The Business Brew

00:07 Introducing Richard Cook

00:45 Investment Philosophy and Strategy

01:09 Shoutout to the Editing Team

02:30 Starting the Interview with Richard Cook

03:02 Emerging Markets and Government Influence

04:15 Investment Holdings and Long-Term Strategy

07:47 The Power of Buybacks and Controlling

Shareholders

14:44 Avoiding Bias in Investment Decisions

19:08 Lessons from Past Investments

24:54 Navigating Market Cycles

34:18 Insights on Bottling Businesses

46:58 Premiumization in the Beverage Industry

48:15 Global Consumption Patterns

49:53 Investment Strategies and Intrinsic Value

51:29 Challenges in Forecasting Business Durability

53:32 Insights on Company Valuation

55:15 Case Study: Kraft and Mondelez

59:01 AB InBev and Craft Beer Market

01:09:59 Investment in Jumbo During Greek Crisis

01:20:39 Evaluating Emerging Markets

01:25:55 Building an Investment Firm

01:28:34 Conclusion and Final Thoughts

In this episode of the Business Brew, host Bill Brewster sits down with the esteemed investor Bruce Berkowitz. They delve deep into Berkowitz's illustrious career, from his strategies during the financial crisis to his current outlook on various investment opportunities, including midstream energy and Florida real estate.

Berkowitz shares anecdotes, personal reflections, and valuable lessons learned over decades in finance. Additionally, Berkowitz emphasizes the importance of due diligence and remaining rational amidst market fluctuations.

Don't miss this enlightening conversation that offers unique insights into the minds of one of the most successful investors in the industry.

00:00 Welcome to The Business Brew

00:07 Introducing Bruce Berkowitz

01:12 Disclaimer and Due Diligence

02:01 Shoutout to the Editing Team

*Dope music*

03:23 Starting the Interview with Bruce Berkowitz

04:19 Bruce's Investment Philosophy

05:06 Insights on Wells Fargo

09:01 The Importance of Management and Culture

10:11 Challenges in the Banking Sector

12:46 Bruce's Focus on U.S. Investments

14:25 Research and Concentration in Investments

20:28 Fairholme's Unique Approach

27:01 Reflections on Sears and Real Estate

30:43 Lessons from St. Joe

32:38 Discussion on St. Joe's Elevated Properties

33:27 Hurricane Resilience and Modern Building Codes

35:07 Investment Strategies and Market Perspectives

35:54 Interest Rates and Duration Risk

39:14 Corporate Spreads and Reinvestment Risk

41:43 Societal Changes and Financial Perspectives

46:17 Enterprise Products and Midstream Energy

48:30 Energy Logistics and Environmental Impact

57:17 Technological Evolution in Energy

01:00:40 Mutual Funds vs. ETFs

01:02:04 Concluding Thoughts and Media Engagement