AJB96 Posted September 28, 2010 Share Posted September 28, 2010 Here are some notes from the Pabrai Funds meeting: http://alexbossert.blogspot.com/2010/09/pabrai-investment-funds-annual-meeting.html Link to comment Share on other sites More sharing options...
Parsad Posted September 28, 2010 Share Posted September 28, 2010 Terrific notes Alex! It was a terrific weekend in Chicago. I had a great time once again, especially meeting all the boardmembers before the AGM, including Alex. Mohnish was in fine form once again. The Q&A was really good this year, as you can tell by Alex's transcript. There were some very funny moments. One in particular where Mohnish was answering a question on new ideas or industries and said "It always seems to be that the mistress looks better than the wife...because it looks new...but that is not true." An older lady in front of me gave a stern look to her helpless husband who had not done anything. I met Sir John Templeton's grand niece at the AGM, and we briefly discussed Prem and Fairfax. There was some very good discussion by Mohnish on Japan as well. During the weekend, our whole family visited a Steak'n Shake. The food was good. The chicken patty in their chicken burgers is now as good as the steakburger. I still don't like the skinny fries, but they do have a fan base. The shakes were terrific as are their specialty burgers! The salads look pretty good. The prices are still amazing at Steak'n Shake, and the place was really busy for the whole hour and a half we were there. It is a fantastic franchise! If you are in Chicago, enjoy the deep dish pizza at Giordanos. The Macy's in Chicago is bigger than the one in Manhattan, and is the second largest department store in the world after Harrods. It was my Mom's birthday, so we took her and my aunt to "The Drake Hotel" for afternoon tea...well worth the money! Chicago is a beautiful city! I always really enjoy my visit and will go back often. Cheers! Link to comment Share on other sites More sharing options...
Myth465 Posted September 28, 2010 Share Posted September 28, 2010 Thanks alot. Very good notes. Link to comment Share on other sites More sharing options...
dcollon Posted September 28, 2010 Share Posted September 28, 2010 Since Sanjeev is too humble to ever mention it, I thought I would highlight one other comment made during the meeting. When Mohnish was asked about FFH he said that he wouldn't comment on it since it's an existing position (nothing new there), however he said that there was a guy in the audience that had FFH running through his veins and if there were any questions members of the audience should ask Sanjeev. Very impressive and as we know true. Great meeting and very enjoyable talking to the other members of this board before the meeting. Link to comment Share on other sites More sharing options...
gfp Posted September 28, 2010 Share Posted September 28, 2010 Hi, I'm pretty new on this board. On the topic Pabrai mentioned of a basket approach to Japanese companies, I have an investment in a wisdomtree small cap dividend weighted fund, ticker DFJ that some might wish to check out. Link to comment Share on other sites More sharing options...
Guest Posted September 28, 2010 Share Posted September 28, 2010 do you guys have to be partners in his fund to go? Link to comment Share on other sites More sharing options...
Parsad Posted September 28, 2010 Share Posted September 28, 2010 No, but it is by invitation. Cheers! Link to comment Share on other sites More sharing options...
JEast Posted September 29, 2010 Share Posted September 29, 2010 Agree, nice notes. The book referenced is probably not Irrational Optimist, but Rational Optimist: How Prosperity Evolves by Matt Ridley. Cheers JEast Link to comment Share on other sites More sharing options...
AJB96 Posted September 29, 2010 Author Share Posted September 29, 2010 Thanks JEast! I believe you are correct about the name of the book. I corrected it in the notes. -Alex Link to comment Share on other sites More sharing options...
PlanMaestro Posted September 30, 2010 Share Posted September 30, 2010 First of all, thanks Alex! Regarding Pabrai's comments on the Japanese Coca Cola bottlers, cola drinks have a relatively small market share in the very innovative Japanese market where tea and coffee drinks in vending machines take a large share. Another very peculiar thing is how fragmented is the Coca Cola bottling system, something like 8-9 bottlers but neither of them is a star bottler so they have not been part of the global consolidation. They do not seem like a target either with Hellenic and Femsa having their eyes in Emerging Markets where they do not have to deal with Wal Mart or these new age drinks. I have been following Coca Cola West, but their sales and operating profits plummeted in the recession. It is priced at like 10x peak EBIT but with shrinking demographics. Does anyone know what he may have found interesting? Link to comment Share on other sites More sharing options...
Matson125 Posted September 30, 2010 Share Posted September 30, 2010 Plan, Have you looked at the CCE transaction? It seems pretty interesting once the dust settles. Cheers Michael Link to comment Share on other sites More sharing options...
twacowfca Posted September 30, 2010 Share Posted September 30, 2010 Alex, it would be a great favor if you could post Monish's latest checklist. I thoroughly enjoyed and profitably used the early version of his checklist after someone posted it. Monish doesn't consider it to be proprietary, I believe, and wants others to profit by using it or similar checklists. Thanks in advance to you or anyone else who may be able to post the updated version. :) Link to comment Share on other sites More sharing options...
PlanMaestro Posted September 30, 2010 Share Posted September 30, 2010 I remember taking a look at it like 4 months ago. The remaining European operations were priced very cheap but I would not expect much growth. It might be interesting for Hellenic. Link to comment Share on other sites More sharing options...
AJB96 Posted September 30, 2010 Author Share Posted September 30, 2010 twacowfca, Mohnish mentions questions in his checklist every once in a while but he doesn't make the entire checklist public. In my notes you can get 2-3 questions that he has in his checklist. For example, two questions I got out of this year's meeting was: Did I miss the forest from the trees? or Did I look at the correct variables? The first question was from Mohnish's analysis of the Davis Fund's investment in AIG and the second was from Long Leaf's investment in GM. Link to comment Share on other sites More sharing options...
twacowfca Posted September 30, 2010 Share Posted September 30, 2010 twacowfca, Mohnish mentions questions in his checklist every once in a while but he doesn't make the entire checklist public. In my notes you can get 2-3 questions that he has in his checklist. For example, two questions I got out of this year's meeting was: Did I miss the forest from the trees? or Did I look at the correct variables? The first question was from Mohnish's analysis of the Davis Fund's investment in AIG and the second was from Long Leaf's investment in GM. -Alex Bossert Thank you, Alex. May I venture to add another checklist item: having too many trees or being too complicated to understand and keep tabs on what a company is doing. I took a medium deep look at AIG a few years ago and then gave up after realizing that I didn't have a clue about many opaque parts. Link to comment Share on other sites More sharing options...
Myth465 Posted September 30, 2010 Share Posted September 30, 2010 Can we post our most updated checklist and then edit it as a forum to see what we can come up with? I would be interested in adding my 2 cents (though its worth quite less than that). Link to comment Share on other sites More sharing options...
beerbaron Posted September 30, 2010 Share Posted September 30, 2010 I have posted my checklist a few times on the forum. Would be interested to see what others have as well. BeerBaron Link to comment Share on other sites More sharing options...
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