Bruce Berkowitz was recently interviewed on Wealthtrack. In the interview he discusses his concentrated investing style, his view on financials as a whole, and his view on Bank of America (BAC). He thinks BAC could earn $3 per share in a normalized environment making the stock very undervalued at today's pricing. He goes on to discuss AIG, he thinks their tangible book value (which is a proxy for liquidation value for an insurnace company) is now at about $0.50 on the dollar, so in his opinion there is a significant margin of safety. He then goes onto say that his single best idea is to invest in BAC.