Stocks A to Z / Stocks B / Berkshire Hathaway (BRK.A)
No. of Recommendations: 1
There seem to be different numbers floating around the internet
These numbers are from the Pabrai Funds website:
THE PABRAI INVESTMENT FUND II, LP (US Qualified Investors) Performance Summary:
10/1/00-6/30/23 (from inception to 06/30/23)
S&P 500
Annualized
7.1%
Cumulative
378.9%
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PIF2
Annualized
10.4%
Cumulative
855%
No. of Recommendations: 10
Pabrai will find a period with a starting point, that's his skill. It really doesn't matter much.
Two things are for certain:
First is that a small group of people will circle around him and follow every move. His ins and outs will be quick, his staying power isn't much to admire. His ability to hold any stock for any length of time is progressively lessening.
Second, investors have fled and his following - and funds to manage - have evaporated. His performance has gone downhill.
Pabrai, much like Bloomstran and guys like Barry Schwartz, are wise marketers. The use of certain stocks for promotion is a workable trade. The problem of using Brookfield, another quikie in-and-out for Pabrai, is that it has a small following to begin with. When it doesn't perform in a timely manner the stock(s) are not useful for promotion.
Pabrai has moved on from Brookfield. He'll find something else to promote with. Right now he has a lunch date on ebay that he's selling for promotion. Might not be too long until the guy is literally out on the streets marketing snake oils.
No. of Recommendations: 3
All that aside, what he says in terms of mental models (compounders / spawners etc and investing frameworks / thoughts and ideas are good in my opinion.
I don't clone Superinvestors. I use the lists of buys to generate ideas to review, I then look at the metrics and business models.I only invest in what I'm comfortable with.
I didn't touch Micron, Seritage or Brookfield for example and would not invest in Turkey.
However having reviewed Alibaba and Tencent from his and Mungers discussions I like those companies and invested. I also purchased some Prosus which worked out well. Alibaba is below what I paid (including averaging down) but I really like the company so am happy to hold for a long time despite him selling out, again because I'm comfortable with it.
I don't really care if the particular Super investor has outperformed the market or not overall, I'm just after their ideas so that I can review them through my own framework.
That's also what I like about this board, idea generation... Dollar General is an interesting opportunity for example, but it's still just a retailer and a value play rather than a long term compounder from here IMO.
No. of Recommendations: 10
"All that aside, what he says in terms of mental models (compounders / spawners etc and investing frameworks / thoughts and ideas are good in my opinion.
"
however, Pabrai is just really channeling Mungerisms. The original thinking and insights are Charlie's.
No. of Recommendations: 1
He also talks about Chuck Akre and his approach (3 legged stool) they've met too and Li Lu another who is part of the Munger Circle. He put me onto him so I've watched all his interviews and follow him too and Li Lu.
His books and reading recommendations are good (many from Munger) eg several books on China and the Naspers shareholder letters. This plus reading about Nick Sleep and the Nomad Fund and letters.
I subscribe to his YouTube channel and listen to a couple of hours a month and it adds to my thinking.
No. of Recommendations: 2
I followed Pabrai for a while 15 years ago. He is more a publicist than a good value investor
No. of Recommendations: 0
"There seem to be different numbers floating around the internet
These numbers are from the Pabrai Funds website:"
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These numbers are ALSO from the Pabrai Funds web site,
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Appendix A
PIF2's Performance History (Net to Investors)
No. of Units. Date. PIF2 NAV
1,950,982. 06/30/2003. $21.32
2,057,676. 06/30/2013. $61.68
1,959,084. 06/30/2018. $106.77
889,944. 06/30/2023 $95.50
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My calcs for initial inv of $10,000 in PIF2 5,10,& 20 Yrs ago;
After 5 Yrs. (95.50 / 106.77 ) X $10,000 = $8,944
After 10 Yrs. (95.50 / 61.66) X $10,000 = $15,488
After 20 Yrs (95.50 / 21.32) X $10,000 = $44,793
ciao
