Everything You Need To Know About The Hedge Fund Manager Mohnish Pabrai

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Everything You Need To Know About The Hedge Fund Manager Mohnish Pabrai

To say Charlie Munger is blunt would be an understatement. If Munger does not like something he uses words like poison (see Bitcoin), sewer (see Valeant), among other colorful words. In this sense, Munger is the exact opposite of Buffett – Buffett will give his views but (at least in public) tends to be more diplomatic.

That is why when Munger praised one hedge fund manager at his recent Daily Journal corporation meeting, the words stand out – when Munger praises someone he means it and is not just trying to “be nice”, in fact, Munger told this hedge fund manager to stand up for applause. Additionally, Warren and Charlie tend to both be critical of the active management industry, in general, which makes this even more noteworthy.

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For regular readers of the site this name will not be new to them, but he probably just became a lot more famous to the general public. Munger praised Mohnish Pabrai of Pabrai Funds. While some criticized Pabrai over some concentrated investments gone sour like Horsehead Holdings, one cannot argue that his comeback has been anything short of remarkable.

First here is Pabrai in his own words:

It was truly an honor to receive a shout-out by Charlie Munger during the Daily Journal Annual Meeting in Los Angeles on February 14, 2018. Charlie was discussing the fair investment management fee structure of the Buffett Partnerships of the 1950s, which I have enthusiastically cloned for 19 years.

Here is a brief clip from the “Closing Bell” on CNBC that summarized the talk. Kelly Evans mentions Munger’s fee structure comments from 2:40 onwards:

https://www.cnbc.com/video/2018/02/14/berkshires-charlie-munger-on-wells-fargos-mistake.html?play=1

We thought both regular readers and new ones would be interested in hearing more about Mohnish – we have some information that has not been reported elsewhere and some useful resources on Pabrai so without further to do

Those who want to learn more here is some background on Mohnish – we curated some of our favorite posts about Mohnish with a bias towards more recent ones, check it out below!

 

 

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Jacob Wolinsky is the founder of ValueWalk.com, a popular value investing and hedge fund focused investment website. Jacob worked as an equity analyst first at a micro-cap focused private equity firm, followed by a stint at a smid cap focused research shop. Jacob lives with his wife and four kids in Passaic NJ. - Email: jacob(at)valuewalk.com - Twitter username: JacobWolinsky - Full Disclosure: I do not purchase any equities anymore to avoid even the appearance of a conflict of interest and because at times I may receive grey areas of insider information. I have a few existing holdings from years ago, but I have sold off most of the equities and now only purchase mutual funds and some ETFs. I also own a few grams of Gold and Silver

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