It is winter fund raising season on public television which means that WEALTHTRACK might be pre-empted on your local television station.
We are revisiting an exclusive interview we had with the Fairholme Fund’s Bruce Berkowitz this fall. Berkowitz is a Great Investor who always generates a great deal of interest and controversy because of his deep value and extremely “concentrated” investment approach. This time was no exception! The week after the interview a Federal Court judge dismissed a lawsuit Fairholme and others had filed against the U.S. Treasury Department over its 2012 decision to take all of the profits generated by mortgage giants Fannie Mae and Freddie Mac. Fairholme has a big position in both. In a message to shareholders Berkowitz said we “strongly disagree with the court’s conclusions,…and will continue to pursue our legal rights”…including continuing another lawsuit to obtain “just compensation” for minority shareholders. Continue Reading »
How would you rate the overall state of moral values in this country today? That’s the question the Gallup organization asks Americans every year. This year’s answers were not atypical. Only 2% of Americans surveyed rated our moral values as excellent – 42% said they were poor – and 74% felt that values were getting worse, not better. How does this translate to the business world? We’ll discuss the state of corporate morality. Financial historian Richard Sylla and award-winning financial editor Paul Steiger discuss how companies have become fixated on short-term stock prices to the exclusion of broader, long-term goals. Continue Reading »
Is the 100th anniversary of the creation of the Federal Reserve a cause for celebration or condemnation? Has the Fed, as Ben Bernanke said, “come full circle back to the original goal of preventing financial panics?” Two financial historians, James Grant and Richard Sylla, debate the benefits and dangers of the Fed and explore its history with us. Continue Reading »