Berkowitz Still Going Against The Crowd On Financials

Top fund manager Bruce Berkowitz remains high on beaten-down financial stocks, saying that many have improving business trends and balance sheets and extremely cheap shares. Berkowitz tells WealthTrack’s Consuelo Mack that he started buying “systemically important companies” at huge bargains after the government recapitalized them, and after busines trends were recovering. Many were priced below liquidation value back then, he says — and they still are. But, he says, investors let fears keep them from believing the facts, and they have shunned financials. Berkowitz talks about the importance of ignoring the crowd, and why he’s comfortable running a concentrated portfolio.