Respected Advisors’ Wisdom

Bruce Berkowitz, Manager, The Fairholme Fund ~     (Madison note: These comments are excerpts from an interview with Bloomberg TV): “At The Fairholme Fund we’ve had about 97 five-year periods. At the end of every month, we go back five years to measure 5-year performance. We’ve beaten the …

O. Mason Hawkins, Chairman, Southeastern Asset Management ~     “The beliefs that U.S. profit margins will decline to their historic mean and that earnings will grow at permanently lower rates have exacerbated skepticism over future equity returns. We are not macro-based investors, but we have a …

Charles Royce, President, The Royce Funds ~     (Madison note: Charles Royce, age 73, has now been managing small-cap portfolios for 40 years – his investment results have been impressive, averaging 11.79% per year over the last 40 years) “I’m not thinking about retirement or anything …

John P. Calamos – Chairman, CEO & Co-CIO, Calamos Investments ~     “One of our favorite sayings, ‘History doesn’t repeat, but it rhymes’ is popularly attributed to Mark Twain.  History shows volatility, uncertainly and unknowns have always been a part of the investing landscape.  Economies expand …

Gordon Crawford, Portfolio Counselor at the American Funds After 41 years in the investment business, Gordon Crawford is retiring in 2012.  Gordy reflects on past and future markets in the following quotes.  ~    “I remember the crash of October 1987, when the stock market went down 20% …