phil_Buffett Posted September 19, 2015 Share Posted September 19, 2015 http://frenzel-herzing.com/dhando-investor-meeting-2015-a-day-with-mohnish-pabrai/ Link to comment Share on other sites More sharing options...
cubsfan Posted September 19, 2015 Share Posted September 19, 2015 Great stuff Phil - thanks for posting! Link to comment Share on other sites More sharing options...
ERICOPOLY Posted September 19, 2015 Share Posted September 19, 2015 I don't understand how Horsehead could have started at the maximum size of 10% and have grown to 15%. It doesn't bother me if it's a 15% holding, I'm just curious how it got that way if the limit is 10%. Is it 15% of holdings but only 10% of fund size -- suggesting uninvested cash skewing the data? From the notes: "Pabrai currently holds: Fiat 42% of the fund , GM B Warrents >10% , POSCO ~10% , ~15% Horsehead Holding , ~10% Google" "He doesn’t invest more than 10% into one position but doesn’t mind when a position grows." Link to comment Share on other sites More sharing options...
phil_Buffett Posted September 19, 2015 Author Share Posted September 19, 2015 I don't understand how Horsehead could have started at the maximum size of 10% and have grown to 15%. It doesn't bother me if it's a 15% holding, I'm just curious how it got that way if the limit is 10%. Is it 15% of holdings but only 10% of fund size -- suggesting uninvested cash skewing the data? From the notes: "Pabrai currently holds: Fiat 42% of the fund , GM B Warrents >10% , POSCO ~10% , ~15% Horsehead Holding , ~10% Google" "He doesnt invest more than 10% into one position but doesnt mind when a position grows." i would suspect that it is because most of zinc mohnish bought at very low Prices. around $3-4 per share. therefore i think it is growing to 15% Link to comment Share on other sites More sharing options...
muscleman Posted September 19, 2015 Share Posted September 19, 2015 I don't understand how Horsehead could have started at the maximum size of 10% and have grown to 15%. It doesn't bother me if it's a 15% holding, I'm just curious how it got that way if the limit is 10%. Is it 15% of holdings but only 10% of fund size -- suggesting uninvested cash skewing the data? From the notes: "Pabrai currently holds: Fiat 42% of the fund , GM B Warrents >10% , POSCO ~10% , ~15% Horsehead Holding , ~10% Google" "He doesn’t invest more than 10% into one position but doesn’t mind when a position grows." He has a bunch of non-US holdings that are unreported to SEC, I believe. BTW Horsehead was the only original idea in his current portfolio and it didn't do well so far. Mining is tough! Link to comment Share on other sites More sharing options...
gfcfa Posted September 19, 2015 Share Posted September 19, 2015 Very kind of you to post these helpful notes! Warmest regards...George Link to comment Share on other sites More sharing options...
alwaysinvert Posted September 19, 2015 Share Posted September 19, 2015 I don't understand how Horsehead could have started at the maximum size of 10% and have grown to 15%. It doesn't bother me if it's a 15% holding, I'm just curious how it got that way if the limit is 10%. Is it 15% of holdings but only 10% of fund size -- suggesting uninvested cash skewing the data? From the notes: "Pabrai currently holds: Fiat 42% of the fund , GM B Warrents >10% , POSCO ~10% , ~15% Horsehead Holding , ~10% Google" "He doesn’t invest more than 10% into one position but doesn’t mind when a position grows." He has a bunch of non-US holdings that are unreported to SEC, I believe. BTW Horsehead was the only original idea in his current portfolio and it didn't do well so far. Mining is tough! A couple of Indian stocks of which he mentioned a few in an interview when he was in India and Hyundai Preferred. And maybe some other stuff. Link to comment Share on other sites More sharing options...
one-foot-hurdles Posted September 19, 2015 Share Posted September 19, 2015 Not sure what is his cost or %holdings on the indian banks but they are down 30-40% over the last 12 months(roughly the same time when we first heard of these new investments). Link to comment Share on other sites More sharing options...
Bains-m Posted September 20, 2015 Share Posted September 20, 2015 Hi do you have any details on Pabrai's Hyundai position only confirmation I can see is the barons article? Link to comment Share on other sites More sharing options...
ERICOPOLY Posted September 20, 2015 Share Posted September 20, 2015 I don't understand how Horsehead could have started at the maximum size of 10% and have grown to 15%. It doesn't bother me if it's a 15% holding, I'm just curious how it got that way if the limit is 10%. Is it 15% of holdings but only 10% of fund size -- suggesting uninvested cash skewing the data? From the notes: "Pabrai currently holds: Fiat 42% of the fund , GM B Warrents >10% , POSCO ~10% , ~15% Horsehead Holding , ~10% Google" "He doesn’t invest more than 10% into one position but doesn’t mind when a position grows." i would suspect that it is because most of zinc mohnish bought at very low Prices. around $3-4 per share. therefore i think it is growing to 15% ZINC stock chart suggests it hasn't traded at those levels since Feb 2009. It makes sense if there are other foreign holdings skewing the data -- however I thought these were notes from the meeting so it's a little odd if the meeting didn't present the data in a non-skewed manner. Anyways, doesn't really matter. Link to comment Share on other sites More sharing options...
rishig Posted September 20, 2015 Share Posted September 20, 2015 There was an explicit question at the meeting about this and Mr. Pabrai's said they don't own any Hyundai prefs. Link to comment Share on other sites More sharing options...
ATLValue Posted September 20, 2015 Share Posted September 20, 2015 Thanks for posting! I didn't realize that his performance had deteriorated so much! Does anyone have any other notes? Link to comment Share on other sites More sharing options...
Jurgis Posted September 20, 2015 Share Posted September 20, 2015 I don't understand how Horsehead could have started at the maximum size of 10% and have grown to 15%. It doesn't bother me if it's a 15% holding, I'm just curious how it got that way if the limit is 10%. Is it 15% of holdings but only 10% of fund size -- suggesting uninvested cash skewing the data? From the notes: "Pabrai currently holds: Fiat 42% of the fund , GM B Warrents >10% , POSCO ~10% , ~15% Horsehead Holding , ~10% Google" "He doesn’t invest more than 10% into one position but doesn’t mind when a position grows." i would suspect that it is because most of zinc mohnish bought at very low Prices. around $3-4 per share. therefore i think it is growing to 15% ZINC stock chart suggests it hasn't traded at those levels since Feb 2009. It makes sense if there are other foreign holdings skewing the data -- however I thought these were notes from the meeting so it's a little odd if the meeting didn't present the data in a non-skewed manner. Anyways, doesn't really matter. It also does not work with FCAU: 10% could not have grown to 42% even if he bought at the bottom. Hmm, I guess it could if the whole fund shrunk significantly... But "Anyways, doesn't really matter." ;) Link to comment Share on other sites More sharing options...
cubsfan Posted September 20, 2015 Share Posted September 20, 2015 Yesterday, I thought I heard Monish explicitly state that he will not invest more than 10% in any one position. But if it grows well beyond 10%, that's ok, as long as the security is well undervalued - he will hold it. There were several other COFB members in attendance - so please correct me or elaborate. Perhaps the entry % skew is due to international holdings that are not listed and their ommission distorts the final math. Link to comment Share on other sites More sharing options...
nikhil25 Posted September 21, 2015 Share Posted September 21, 2015 Thanks for posting, Phil! Does anyone have notes from Saturday they can share? Thanks! Link to comment Share on other sites More sharing options...
plusalpha Posted September 21, 2015 Share Posted September 21, 2015 Thanks for posting, Phil! Does anyone have notes from Saturday they can share? Thanks! +1 Link to comment Share on other sites More sharing options...
racemize Posted September 21, 2015 Share Posted September 21, 2015 I don't see how he didn't get over 10% on ZINC when he added at the $12 dollar range last year. Maybe I'm missing something though. Link to comment Share on other sites More sharing options...
Picasso Posted September 21, 2015 Share Posted September 21, 2015 Don't worry guys. At this rate the decline in ZINC will put him back under 10% of the portfolio. Link to comment Share on other sites More sharing options...
undervalued Posted September 21, 2015 Share Posted September 21, 2015 Don't worry guys. At this rate the decline in ZINC will put him back under 10% of the portfolio. Hahaha Link to comment Share on other sites More sharing options...
kirkomi Posted September 23, 2015 Share Posted September 23, 2015 Anybody knows at what prices he got into FCAU ? He started buying Q4-2014 so that suggests around ~$9/share. But, I might be wrong. Link to comment Share on other sites More sharing options...
cubsfan Posted September 23, 2015 Share Posted September 23, 2015 I think his average is a little over 5. He started buying much earlier than 2014, Q4. Link to comment Share on other sites More sharing options...
merkhet Posted September 23, 2015 Share Posted September 23, 2015 Anybody knows at what prices he got into FCAU ? He started buying Q4-2014 so that suggests around ~$9/share. But, I might be wrong. I think his average is a little over 5. He started buying much earlier than 2014, Q4. cubsfan is correct. Prior to Q4 2014, the shares were not traded on a US exchange. They were traded either in the Italian stock exchange or OTC in the U.S. The reason it looks like he started buying in Q4 2014 is because that's when they listed on the NYSE, so that's when it shows up on a 13-F filing. Link to comment Share on other sites More sharing options...
indirect Posted September 23, 2015 Share Posted September 23, 2015 His avg on Fiat is between 4 and 5 euro Link to comment Share on other sites More sharing options...
Kevinvr1 Posted September 24, 2015 Share Posted September 24, 2015 He has a bunch of non-US holdings that are unreported to SEC, I believe. BTW Horsehead was the only original idea in his current portfolio and it didn't do well so far. Mining is tough! Horsehead doesn't mine Zinc. They get their zinc from EAF (Electric Arc Furnace) dust that they get from Steel plants e.g. Nucor for a fee. They recycle zinc and nickle. Link to comment Share on other sites More sharing options...
plusalpha Posted September 24, 2015 Share Posted September 24, 2015 http://bitsbusiness.com/investing-2/dhandho-and-pabrai-funds-annual-meeting-2015/ Cheers :) Link to comment Share on other sites More sharing options...
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