Hi,
As far as I remember, one of Pabrais main points in his book The Dhando Investor is to look for companies in industries with very slow rate of change. Can anyone then explain to me why he's heavily invested in Micron and GrafTec? Sure the industries are cyclical but perhaps haven't changed that much through time, but nevertheless it's not exactly slow rate of change for Micron whose products need constant heavy R&D investments