Recent Posts

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1
General Discussion / Re: Chanos Nice Interview
« Last post by dcollon on Today at 01:17:30 PM »
Enjoyed the interview...thanks for posting Liberty.
2
General Discussion / Re: Mohnish Pabrai blog
« Last post by shalab on Today at 01:05:22 PM »
You are saying he should close his fund now  ;D. Seriously, I think he should invest in PDH (equity injection) and then retire.

Not bad:

http://www.valuewalk.com/2018/01/pabrai-funds-returns/

I wonder how close this gets him to his 26% goal?

By the way, does anyone have his letter they'd share?

OMG, how can they write such a shoddy article!  It says from oct 2003-2018 the s&p500 returned 250% cumulative. Which makes the funds 310% look great over the same period. I punched in the number and that sounds about right. BUT the S&P500 TR returned 340%, comon, you cannot compare a fund against an index without dividends.

I think the debate had been going on for a while that Pabrai's funds have not beaten the markets if you strip out those years when it was a $2M fund.  And it sure as heck seems like to me that more likely than not, his fund will lag the S&P500 tr in the future.

I mean the fund is like VIX on drugs.  The 3 highest years when the index was up, he trounced the index. The 3 lowest years for the index he lagged.  I think he forgot the meaning of the word hedge.

The basic premise of Buffett & Munger's beliefs is that volatility is not the same thing as risk. 

I think the first time Pabrai got trounced in 2008, you could have equated the volatility with risk, because there was significant exposure to correlated risks in financials.  The second time the fund suffered, I don't think you could make the same correlation...it was just undervalued and he took a hit with one stock.

So while the opinion always seems to still be out on Pabrai, I would not be surprised to see him out of the fund business in less than 10 years.  At that point, his own personal stake would have climbed from the present $120M or so to $350M-500M.  He may just decide that he wants to travel the lecture circuit and manage his own money. 

Nothing Pabrai said to me...but after 25 years of results, those that think you are an asshole and a fraud will still think that!

Cheers!

Is there any difference between 120M and 360M if you take account of his lifestyle? I don't think it makes any difference.
3
Events & Meeting Notes / Re: Fairfax Lollapalooza 2018
« Last post by Parsad on Today at 12:59:59 PM »
Event info is starting to flow in. 

If you want to comment about a particular event, please use the appropriate thread.  This one should be used for overall scheduling purposes.  PM me with links/details to the events I'm missing.

Happy New Year!

Pre-dinner and Dinner details are now updated.  Cheers!
4
General Discussion / 2018 Premier Fairfax Financial Shareholder's Dinner
« Last post by Parsad on Today at 12:53:16 PM »
Hi All,

It's that time of year again.  This year's dinner is on April 25, 2018, the night before the Fairfax AGM.

Tickets and details can be found below:

https://www.pdh-inc.com/2018-premier-fairfax-conference.html

If you have any issues or queries, please contact Nicole at nchin@pdh-inc.com.  We'll be updating the event page regularly as we finalize speakers, menu, etc.

Also, if anyone is interested in sponsorships, donations for the silent auction, etc., please contact Nicole as well.

Thanks very much and look forward to seeing you there!

Sanjeev
5
General Discussion / Re: Chanos Nice Interview
« Last post by Liberty on Today at 12:38:59 PM »
Recent interview with Jim Chanos:

https://www.youtube.com/watch?v=kRzPJJHbgEE
6
Investment Ideas / Re: PWE - Penn West Petroleum
« Last post by Joe689 on Today at 12:37:57 PM »
And market does not seem to care....Weird action this past couple weeks.  There is a seller that continues to unload.  Hard to imagine why we just reported gushers

7
Investment Ideas / Re: FCAU - Fiat Chrysler Automobiles
« Last post by insight on Today at 12:29:26 PM »
8
Berkshire Hathaway / Re: Grand Deja Vu? Techs tanked, BRK surged
« Last post by John Hjorth on Today at 12:28:16 PM »
... While we are enjoying giddy prices every day, it seems, I do miss the buying opportunities at lower prices. "Lower" is a relative term, no? We have been spoiled by cheap opportunities (most recently 2015); Rear view mirror for sure.

The eternal Berkshire investing dilemma & paradox!, longinvestor. -Next time the big US banks lie crushed in a big pile, - and that will happen again - Berkshire is likely to become cheap [relatively] again. Good to have at least some cash ready for that. It's personal, how much, though. Some less, some more.

On the other hand, if one doesn't actually own BRK anywhere near what one actually want to own, just start buying, and time combined with Berkshire will do one good.
9
Events & Meeting Notes / Re: Boston Meet Up
« Last post by Read the Footnotes on Today at 12:23:13 PM »
The weather for this weekend looks much better than last time, and we still had a nice turn out of dedicated investors last time even though it snowed.

I am looking forward to see everyone who has already responded.
10
General Discussion / Re: Mohnish Pabrai blog
« Last post by rranjan on Today at 12:10:38 PM »
Not bad:

http://www.valuewalk.com/2018/01/pabrai-funds-returns/

I wonder how close this gets him to his 26% goal?

By the way, does anyone have his letter they'd share?

OMG, how can they write such a shoddy article!  It says from oct 2003-2018 the s&p500 returned 250% cumulative. Which makes the funds 310% look great over the same period. I punched in the number and that sounds about right. BUT the S&P500 TR returned 340%, comon, you cannot compare a fund against an index without dividends.

I think the debate had been going on for a while that Pabrai's funds have not beaten the markets if you strip out those years when it was a $2M fund.  And it sure as heck seems like to me that more likely than not, his fund will lag the S&P500 tr in the future.

I mean the fund is like VIX on drugs.  The 3 highest years when the index was up, he trounced the index. The 3 lowest years for the index he lagged.  I think he forgot the meaning of the word hedge.

The basic premise of Buffett & Munger's beliefs is that volatility is not the same thing as risk. 

I think the first time Pabrai got trounced in 2008, you could have equated the volatility with risk, because there was significant exposure to correlated risks in financials.  The second time the fund suffered, I don't think you could make the same correlation...it was just undervalued and he took a hit with one stock.

So while the opinion always seems to still be out on Pabrai, I would not be surprised to see him out of the fund business in less than 10 years.  At that point, his own personal stake would have climbed from the present $120M or so to $350M-500M.  He may just decide that he wants to travel the lecture circuit and manage his own money. 

Nothing Pabrai said to me...but after 25 years of results, those that think you are an asshole and a fraud will still think that!

Cheers!

Is there any difference between 120M and 360M if you take account of his lifestyle? I don't think it makes any difference.
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