Dhandho Holdings!

[Parsad]

Sanj,

 

any insight as to why he doesn't want his letters to go public?

 

His letters are about as public as you can make them.  The SEC requires/required accredited funds to have a separate log-in to access information from advertising (newsletters, performance numbers, etc).  If you are accredited and contact Pabrai Funds to access the letters, I'm pretty sure they would grant access.  This rule was loosened up a couple of years ago, so I'm not sure why most funds still use the password protection.  Cheers!

[oddballstocks]

Sanj,

 

any insight as to why he doesn't want his letters to go public?

 

His letters are about as public as you can make them.  The SEC requires/required accredited funds to have a separate log-in to access information from advertising (newsletters, performance numbers, etc).  If you are accredited and contact Pabrai Funds to access the letters, I'm pretty sure they would grant access.  This rule was loosened up a couple of years ago, so I'm not sure why most funds still use the password protection.  Cheers!

 

Agreed, and beyond that once they're leaked they're emailed around like crazy.

[stahleyp]

A lot of letters are easier to find than Pabrai's (or maybe I'm just looking at the wrong places). Baupost seems easier to get than his even.

[tylerdurden]

There are many hedge funds which publish their letters publicly on their websites. I am not really interested with his letters or performance etc etc. I don't really care. Obviously he has great contributions to the society.

 

My only objection about his methods is his inconsistencies between his speeches and his actions. So many occasions I have observed so far that he sets up rules, promotes ideas etc etc. and then he does something else. Perhaps he can't help talking too much, perhaps he is trying to maintain a good brand out there. I don't really know but it certainly becomes a credibility issue after a while. Anyways it is what it is...

[AzCactus]

There are many hedge funds which publish their letters publicly on their websites. I am not really interested with his letters or performance etc etc. I don't really care. Obviously he has great contributions to the society.

 

My only objection about his methods is his inconsistencies between his speeches and his actions. So many occasions I have observed so far that he sets up rules, promotes ideas etc etc. and then he does something else. Perhaps he can't help talking too much, perhaps he is trying to maintain a good brand out there. I don't really know but it certainly becomes a credibility issue after a while. Anyways it is what it is...

 

+1.  He's obviously helped a lot of kids go to school and that's admirable---but what he says and what he does don't necessarily align in my judgment. 

[snow pea]

Demanding absolute consistency in another person is ridiculous.  We are all complex human beings that often do and should be allowed to change our minds, act in ways that differ from what we have previously espoused, etc.  Please consider that passing judgement on someone for what you perceive as inconsistency might imply that you are expecting them to conform to your simplified model, which may be a byproduct of your mental laziness rather than a failing of theirs. 

[Ballinvarosig Investors]

Sanj,

 

any insight as to why he doesn't want his letters to go public?

 

His letters are about as public as you can make them.  The SEC requires/required accredited funds to have a separate log-in to access information from advertising (newsletters, performance numbers, etc).  If you are accredited and contact Pabrai Funds to access the letters, I'm pretty sure they would grant access.  This rule was loosened up a couple of years ago, so I'm not sure why most funds still use the password protection.  Cheers!

Speaking of letters, will you ever be making the 2016 Corner Market Capital letter available? :)

[LC]

Sanj,

 

any insight as to why he doesn't want his letters to go public?

 

His letters are about as public as you can make them.  The SEC requires/required accredited funds to have a separate log-in to access information from advertising (newsletters, performance numbers, etc).  If you are accredited and contact Pabrai Funds to access the letters, I'm pretty sure they would grant access.  This rule was loosened up a couple of years ago, so I'm not sure why most funds still use the password protection.  Cheers!

Speaking of letters, will you ever be making the 2016 Corner Market Capital letter available? :)

Pretty sure Sanjeev can't himself, but you know, if one of his accredited investors happens to attach or link it...

[stahleyp]

I think Pabrai does a lot of good for the world. I also agree, to some extent, that he helps people learn (I can't fully agree because the whole idea for about bragging about cloning can hurt a lot of folks). I also think his fees are fair (for a hedge fund standard anyway). I'm not even harping on his returns against the market (most value managers have trailed significant over the past decade). Like I've said many times, my main issue with him is his alluding to his returns being 26%- when they're not.

[Ballinvarosig Investors]

Sanj,

 

any insight as to why he doesn't want his letters to go public?

 

His letters are about as public as you can make them.  The SEC requires/required accredited funds to have a separate log-in to access information from advertising (newsletters, performance numbers, etc).  If you are accredited and contact Pabrai Funds to access the letters, I'm pretty sure they would grant access.  This rule was loosened up a couple of years ago, so I'm not sure why most funds still use the password protection.  Cheers!

Speaking of letters, will you ever be making the 2016 Corner Market Capital letter available? :)

Pretty sure Sanjeev can't himself, but you know, if one of his accredited investors happens to attach or link it...

He has all his old letters from 2015 back on his site.

[stahleyp]

Well, this year he's hitting his target already. :P

 

https://www.forbes.com/sites/gurufocus/2017/07/19/mohnish-pabrai-crushing-it-with-2-best-performing-car-companies-ferrari-and-fiat/#125cb5213c3d

[John Hjorth]

Demanding absolute consistency in another person is ridiculous.  We are all complex human beings that often do and should be allowed to change our minds, act in ways that differ from what we have previously espoused, etc.  Please consider that passing judgement on someone for what you perceive as inconsistency might imply that you are expecting them to conform to your simplified model, which may be a byproduct of your mental laziness rather than a failing of theirs.

 

Tremendous post, snow pea,

 

Please keep them coming, thank you.

[investmd]

 

My only objection about his methods is his inconsistencies between his speeches and his actions. So many occasions I have observed so far that he sets up rules, promotes ideas etc etc. and then he does something else. Perhaps he can't help talking too much, perhaps he is trying to maintain a good brand out there. I don't really know but it certainly becomes a credibility issue after a while. Anyways it is what it is...

 

I wonder whether the "inconsistencies" you mention have to do with his entrepreneurial view of life. He doesn't seem to get burdened by his mistakes. He's good at admitting and learning from his mistakes, but is then not afraid to try new things whereas some of us might be inhibited.

 

Recently, the idea of owning an insurance company or buying private companies has not worked out - so he has admitted it and is moving on from Dhandho Funds. The Junoon ETF idea didn't work out. A lot of effort was put into both endeavours. However, he is starting something new in India with a Dhandho India Fund...

 

My impression is that he is a)good assessor of undervalued equity prices who keeps getting better b)serial entrepreneur - willing to explore new ideas - run with the good ones. Drop the bad ones and move on.

[wescobrk]

Why would he give a damn what people say on the internet?

He clearly has made a lot of money off of the partnerships so he can do exactly what he wants to do for the rest of his life.

I wouldn't care about internet posters (no offense) If I succeeded as well as he has (despite all of the criticisms of his inconsistency and long term track record performance).

He's probably smiling every day he checks his bank account.

[LC]

To be fair, I think the reason a lot of people mention his name first is due to the fact that he is one of the most public figures in this community. The dude really puts himself out there. When he performs, everyone praises him. When he doesn't, he will be the first everyone piles in on. That's just how publicity is.

[Jurgis]

Of course he doesn't give a crap about posters on the internet.

 

This thread is productive probably only in two aspects:

 

1. Don't clone Pabrai.

2. Don't expect to make 26% a year by cloning (Pabrai or not Pabrai).

 

and maybe:

 

3. Don't invest like Pabrai: questionable since some of his investments are very good.

4. Don't invest into Pabrai funds: questionable since most of them are closed and his returns might be OK/good.

 

The rest is Internetz banter.

 

Peace.

 

8)

[tylerdurden]

Demanding absolute consistency in another person is ridiculous.  We are all complex human beings that often do and should be allowed to change our minds, act in ways that differ from what we have previously espoused, etc.  Please consider that passing judgement on someone for what you perceive as inconsistency might imply that you are expecting them to conform to your simplified model, which may be a byproduct of your mental laziness rather than a failing of theirs.

 

No offense but you are totally missing the point. At least the point that I was trying to make... Demanding absolute consistency??? Who is demanding that? If you are making speeches here and there all the time, shouldn't we expect some type of consistency between your speeches and what you are actually doing in real life? No one is forcing him to make those speeches at the end of the day. After you tell your audience something you would have a moral obligation to either follow that in real life or let people know about any changes. Of course anyone has a right to change his mind but the problem is making public statements and the responsibility of letting people know about any changes that might follow afterward in my view.

 

I totally agree with the previous comment regarding cloning too. He is always talking about how he is cloning easily etc etc. Is it that easy? come on man, you are supposed to give either full picture or shut up in my view.

[Parsad]

Sanj,

 

any insight as to why he doesn't want his letters to go public?

 

His letters are about as public as you can make them.  The SEC requires/required accredited funds to have a separate log-in to access information from advertising (newsletters, performance numbers, etc).  If you are accredited and contact Pabrai Funds to access the letters, I'm pretty sure they would grant access.  This rule was loosened up a couple of years ago, so I'm not sure why most funds still use the password protection.  Cheers!

Speaking of letters, will you ever be making the 2016 Corner Market Capital letter available? :)

 

It will go up 6 months after partners received it...they got it in March...so around early September it will go up.  Cheers!

[Ballinvarosig Investors]

Sanj,

 

any insight as to why he doesn't want his letters to go public?

 

His letters are about as public as you can make them.  The SEC requires/required accredited funds to have a separate log-in to access information from advertising (newsletters, performance numbers, etc).  If you are accredited and contact Pabrai Funds to access the letters, I'm pretty sure they would grant access.  This rule was loosened up a couple of years ago, so I'm not sure why most funds still use the password protection.  Cheers!

Speaking of letters, will you ever be making the 2016 Corner Market Capital letter available? :)

 

It will go up 6 months after partners received it...they got it in March...so around early September it will go up.  Cheers!

Thank you, Parsad. I look forward to it  :)

[clutch]

Demanding absolute consistency in another person is ridiculous.  We are all complex human beings that often do and should be allowed to change our minds, act in ways that differ from what we have previously espoused, etc.  Please consider that passing judgement on someone for what you perceive as inconsistency might imply that you are expecting them to conform to your simplified model, which may be a byproduct of your mental laziness rather than a failing of theirs.

 

No offense but you are totally missing the point. At least the point that I was trying to make... Demanding absolute consistency??? Who is demanding that? If you are making speeches here and there all the time, shouldn't we expect some type of consistency between your speeches and what you are actually doing in real life? No one is forcing him to make those speeches at the end of the day. After you tell your audience something you would have a moral obligation to either follow that in real life or let people know about any changes. Of course anyone has a right to change his mind but the problem is making public statements and the responsibility of letting people know about any changes that might follow afterward in my view.

 

I totally agree with the previous comment regarding cloning too. He is always talking about how he is cloning easily etc etc. Is it that easy? come on man, you are supposed to give either full picture or shut up in my view.

 

Actually, he has no responsibility nor obligation to align his action with his words (whether private or public). It is only up to his clients to decide whether to keep their money with him or not based on such a behavior.

 

You said no one is forcing him to make those speeches... so you also can't force him to be consistent... It's his business and life. But the consequences will naturally follow.

[redhots]

It will go up 6 months after partners received it...they got it in March...so around early September it will go up.  Cheers!

 

Parsad, are you still going to post your annual report?

[flesh]

Demanding absolute consistency in another person is ridiculous.  We are all complex human beings that often do and should be allowed to change our minds, act in ways that differ from what we have previously espoused, etc.  Please consider that passing judgement on someone for what you perceive as inconsistency might imply that you are expecting them to conform to your simplified model, which may be a byproduct of your mental laziness rather than a failing of theirs.

 

No offense but you are totally missing the point. At least the point that I was trying to make... Demanding absolute consistency??? Who is demanding that? If you are making speeches here and there all the time, shouldn't we expect some type of consistency between your speeches and what you are actually doing in real life? No one is forcing him to make those speeches at the end of the day. After you tell your audience something you would have a moral obligation to either follow that in real life or let people know about any changes. Of course anyone has a right to change his mind but the problem is making public statements and the responsibility of letting people know about any changes that might follow afterward in my view.

 

I totally agree with the previous comment regarding cloning too. He is always talking about how he is cloning easily etc etc. Is it that easy? come on man, you are supposed to give either full picture or shut up in my view.

 

Actually, he has no responsibility nor obligation to align his action with his words (whether private or public). It is only up to his clients to decide whether to keep their money with him or not based on such a behavior.

 

You said no one is forcing him to make those speeches... so you also can't force him to be consistent... It's his business and life. But the consequences will naturally follow.

 

I don't blame him for some inconsistencies, I think he's a great guy aside from the fact he didn't update his cumulative record after a few bad years. There's good reasons to appear inconsistent.

 

"When the facts change, I change my mind, what do you do sir?" -Keynes

 

"The test of a first-rate intelligence is the ability to hold two opposed ideas in mind at the same time and still retain the ability to function" -F. Scott Fitzgerald

 

"Cognitive dissonance refers to a situation involving conflicting attitudes, beliefs or behaviors. This produces a feeling of discomfort leading to an alteration in one of the attitudes, beliefs or behaviors to reduce the discomfort and restore balance etc."