Parsad Posted January 16, 2014 Share Posted January 16, 2014 Mohnish is in advanced talks to close a purchase of a private insurer according to his latest letter. After the initial financing of about $32M, Pabrai Funds will also put in about $70M+. This is going to get very interesting! Sorry, I cannot post the letter. Cheers! Link to comment Share on other sites More sharing options...
alertmeipp Posted January 16, 2014 Share Posted January 16, 2014 Mohnish is in advanced talks to close a purchase of a private insurer according to his latest letter. After the initial financing of about $32M, Pabrai Funds will also put in about $70M+. This is going to get very interesting! Sorry, I cannot post the letter. Cheers! When is your turn? Link to comment Share on other sites More sharing options...
Sportgamma Posted January 16, 2014 Share Posted January 16, 2014 Is he aiming at taking it public? Link to comment Share on other sites More sharing options...
argonaut Posted January 16, 2014 Share Posted January 16, 2014 yes, from what I read, his intent will be to take it public. Link to comment Share on other sites More sharing options...
Parsad Posted January 16, 2014 Author Share Posted January 16, 2014 Intent is to take it public in 2015. Will buy both marketable securities and private businesses. Friendly, not activist. Initially will raise about $35M to acquire the insurer and add about $30M in surplus capital. Has run zero-cost float for a long-time. He and his family will put in at least $9M. Cheers! Link to comment Share on other sites More sharing options...
Parsad Posted January 16, 2014 Author Share Posted January 16, 2014 Mohnish is in advanced talks to close a purchase of a private insurer according to his latest letter. After the initial financing of about $32M, Pabrai Funds will also put in about $70M+. This is going to get very interesting! Sorry, I cannot post the letter. Cheers! When is your turn? Maybe 2014 or 2015. No intent on getting involved with insurance, at least not in the early years. Just a public company that will acquire both marketable securities and small private businesses. Like Mohnish, will run congruent to MPIC Funds. Cheers! Link to comment Share on other sites More sharing options...
AJB96 Posted January 16, 2014 Share Posted January 16, 2014 This is very interesting. Thanks for sharing Parsad. I'm looking forward to buying shares in his company. Alex Link to comment Share on other sites More sharing options...
nikhil25 Posted January 16, 2014 Share Posted January 16, 2014 Thanks for sharing, Parsad! Link to comment Share on other sites More sharing options...
Liberty Posted January 16, 2014 Share Posted January 16, 2014 Interesting developments, thanks for sharing! Link to comment Share on other sites More sharing options...
eclecticvalue Posted January 16, 2014 Share Posted January 16, 2014 I was wondering what the Dhando Holdings title was all about, but since reading this thread I am excited about this opportunity. Mohnish is copying buffett every way possible. Since he never was able to work at Berkshire why not build one himself. Link to comment Share on other sites More sharing options...
jay21 Posted January 16, 2014 Share Posted January 16, 2014 Very interesting. Good luck Mohnish! I bet he could raise another few $M just from this board. Link to comment Share on other sites More sharing options...
augustabound Posted January 16, 2014 Share Posted January 16, 2014 If the prospectus shows a "Vice Chairman" and his name is Charlie I'm putting every penny I own into it. ;D Link to comment Share on other sites More sharing options...
giofranchi Posted January 16, 2014 Share Posted January 16, 2014 Very interesting! :) Thank you, Sanjeev, for letting us know. And, please, keep us informed on future developments. Cheers, Gio Link to comment Share on other sites More sharing options...
oddballstocks Posted January 16, 2014 Share Posted January 16, 2014 Best of luck to him. An observation I've had. Business owners who've started their own companies and grown them talk about the day they can sit back and just invest the money without operating a thing. Investors/asset managers talk blissfully about the day they get to run a business and not just sit back and invest. The grass is always greener! Link to comment Share on other sites More sharing options...
Kraven Posted January 16, 2014 Share Posted January 16, 2014 Very interesting. I didn't realize Pabrai had a background in insurance. It's a tough business. Best of luck to him. Link to comment Share on other sites More sharing options...
Parsad Posted January 16, 2014 Author Share Posted January 16, 2014 If the prospectus shows a "Vice Chairman" and his name is Charlie I'm putting every penny I own into it. ;D I have an inkling that if that Vice Chairman title has anyone on it, it will probably be somebody whose name ends with "Spiers". It would only make sense. Cheers! Link to comment Share on other sites More sharing options...
Palantir Posted January 16, 2014 Share Posted January 16, 2014 This is some serious cloning..... Link to comment Share on other sites More sharing options...
ERICOPOLY Posted January 16, 2014 Share Posted January 16, 2014 If the prospectus shows a "Vice Chairman" and his name is Charlie I'm putting every penny I own into it. ;D I have an inkling that if that Vice Chairman title has anyone on it, it will probably be somebody whose name ends with "Spiers". It would only make sense. Cheers! Instead of saying "I have nothing to add to that", she can just say: "yeah, yeah, yeah, yeah, yeah" "yeah, yeah, yeah, yeah, yeah" Link to comment Share on other sites More sharing options...
tombgrt Posted January 16, 2014 Share Posted January 16, 2014 That's good news. :) Pabrai and others have plenty of popularity now with value investors all over the place. Good move. By going the public route they will have cheap access to permanent market capital as investors fight over their piece of stock. Link to comment Share on other sites More sharing options...
obtuse_investor Posted January 16, 2014 Share Posted January 16, 2014 If the prospectus shows a "Vice Chairman" and his name is Charlie I'm putting every penny I own into it. ;D I have an inkling that if that Vice Chairman title has anyone on it, it will probably be somebody whose name ends with "Spiers". It would only make sense. Cheers! Instead of saying "I have nothing to add to that", she can just say: "yeah, yeah, yeah, yeah, yeah" "yeah, yeah, yeah, yeah, yeah" Haha! I think he meant "Spier"; specifically this Spier: Link to comment Share on other sites More sharing options...
augustabound Posted January 16, 2014 Share Posted January 16, 2014 If the prospectus shows a "Vice Chairman" and his name is Charlie I'm putting every penny I own into it. ;D I have an inkling that if that Vice Chairman title has anyone on it, it will probably be somebody whose name ends with "Spiers". It would only make sense. Cheers! I'm still in. ;D Link to comment Share on other sites More sharing options...
Parsad Posted January 16, 2014 Author Share Posted January 16, 2014 If the prospectus shows a "Vice Chairman" and his name is Charlie I'm putting every penny I own into it. ;D I have an inkling that if that Vice Chairman title has anyone on it, it will probably be somebody whose name ends with "Spiers". It would only make sense. Cheers! Instead of saying "I have nothing to add to that", she can just say: "yeah, yeah, yeah, yeah, yeah" "yeah, yeah, yeah, yeah, yeah" Not Brittney...Guy Spiers! Sheesh! Link to comment Share on other sites More sharing options...
Ian L Posted January 16, 2014 Share Posted January 16, 2014 Do you happen to know if he will be compensated by salary or by taking a share of the profits by investing the float in his funds? Link to comment Share on other sites More sharing options...
Parsad Posted January 16, 2014 Author Share Posted January 16, 2014 That's good news. :) Pabrai and others have plenty of popularity now with value investors all over the place. Good move. By going the public route they will have cheap access to permanent market capital as investors fight over their piece of stock. Also, initially it looks like Dhandho will be capitalized with about $150-200M, so alot of smaller companies targeted by activists, may decide that Pabrai is their Indian knight! Cheers! Link to comment Share on other sites More sharing options...
Parsad Posted January 16, 2014 Author Share Posted January 16, 2014 Do you happen to know if he will be compensated by salary or by taking a share of the profits by investing the float in his funds? Good question. Once I read the offering documents, I'll be able to let you know. Cheers! Link to comment Share on other sites More sharing options...
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