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Re 2013 Pabrai Investment Funds Annual Meeting Notes - Chicago
Posted by: ecotycoon (IP Logged)
Date: September 26, 2013 02:41PM




Guru Discussed: Mohnish Pabrai: Current Portfolio, Stock Picks
Stocks Discussed: AAPL,
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Re 2013 Pabrai Investment Funds Annual Meeting Notes - Chicago
Posted by: ecotycoon (IP Logged)
Date: September 26, 2013 02:44PM

:)



Guru Discussed: Mohnish Pabrai: Current Portfolio, Stock Picks
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Re 2013 Pabrai Investment Funds Annual Meeting Notes - Chicago
Posted by: 20punches (IP Logged)
Date: September 27, 2013 09:41PM

Asawhneyy: I will be cautious when making a definitive statement about someone before you really know him. From what I know, Mohnish is an incredibly intelligent and humble person. His return is certainly not average. I'm not trying to defend him, just think it is prudent to have an opinion based on facts.



Guru Discussed: Mohnish Pabrai: Current Portfolio, Stock Picks
Stocks Discussed: AAPL,
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Re 2013 Pabrai Investment Funds Annual Meeting Notes - Chicago
Posted by: 20punches (IP Logged)
Date: September 27, 2013 09:42PM

Arjun: Thanks for contributing. It's definitely more than "two cents" lol. I'll have to shameless copy your notes then.



Guru Discussed: Mohnish Pabrai: Current Portfolio, Stock Picks
Stocks Discussed: AAPL,
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Re 2013 Pabrai Investment Funds Annual Meeting Notes - Chicago
Posted by: 20punches (IP Logged)
Date: September 27, 2013 09:43PM

Jeff, thanks for the picture and thanks for commenting.



Guru Discussed: Mohnish Pabrai: Current Portfolio, Stock Picks
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Re 2013 Pabrai Investment Funds Annual Meeting Notes - Chicago
Posted by: John Huber (IP Logged)
Date: September 28, 2013 08:34PM

This is a great compilation Jianing. Thanks for taking the time to write it up. His thoughts on diversification vs concentration are very interesting. I went through a number of years of his 13-f's, and followed his progression from concentration to more diversified, and back to concentration.

Is he implying here that his concentration at the present time is simply because he doesn't find that many undervalued ideas (thus allowing him to put more capital into just a few ideas)?

By the way, just as an aside to the comment above: Mohnish gave an outstanding presentation at Columbia earlier this year. I wrote a summary of it with some of his numbers... they are certainly not average.... he's averaged 25% per year (gross returns, including his own account) since 1995.

Very, very few have ever replicated that over 18 years.



Guru Discussed: Mohnish Pabrai: Current Portfolio, Stock Picks
Stocks Discussed: AAPL,
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Re 2013 Pabrai Investment Funds Annual Meeting Notes - Chicago
Posted by: 20punches (IP Logged)
Date: September 29, 2013 10:26AM

John, thanks for your comments first of all.

With regards to concentration vs diversification, my understanding is that Mohnish would prefer to run a concentrated portfolio (say 10/10). However, he would not rule out the optionality of diversification when everything is cheap. For example, when so many stocks of great companies were selling at bargain prices and they were coming in so fast and furious, he'd be comfortable with a 2% position in each of them. It all depends on whether his best idea is really that much better than then 10th idea.

He also mentioned that he hasn't find any compelling ideas so concentration level is high.

His return is absolutely among the best. Indeed very very rare.



Guru Discussed: Mohnish Pabrai: Current Portfolio, Stock Picks
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Re 2013 Pabrai Investment Funds Annual Meeting Notes - Chicago
Posted by: ajcinc@google (IP Logged)
Date: January 19, 2014 01:17PM

Great post, Ning.  Thank you!

Hope to meet you in person at Fairfax Financial's AGM on April 6 in Toronto or BRK in Omaha in May! :-)




Guru Discussed: Mohnish Pabrai: Current Portfolio, Stock Picks
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Re 2013 Pabrai Investment Funds Annual Meeting Notes - Chicago
Posted by: popeyes101 (IP Logged)
Date: June 19, 2014 10:54PM

20punches seems to be an alias for Mohnish.




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