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Pabrai Funds Chicago 2013 Meeting Notes


Parsad
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16. If you were to go back to when you started, what would be the things you advice to read? And if you don't look at the macro so much, how did you come up with these international investments.

 

Each person is different. But he found "Manual of Ideas" and "Corner of Berkshire and Fairfax" very helpful. There are other good resources out there, and it's better to copy others' ideas. Japanese net-net was his original idea, and we all know how it ended up [laughter].

 

 

:D

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16. If you were to go back to when you started, what would be the things you advice to read? And if you don't look at the macro so much, how did you come up with these international investments.

 

Each person is different. But he found "Manual of Ideas" and "Corner of Berkshire and Fairfax" very helpful. There are other good resources out there, and it's better to copy others' ideas. Japanese net-net was his original idea, and we all know how it ended up [laughter].

 

 

:D

 

Wow! Parsad, you should be proud! ;D

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At our table, we were discussing how some of the analysis on here (including the $bac / $aig warrants threads) easily beats out any other analysis out there (especially from the trillion dollar investment banks!).

 

As long as you're willing to put in the time to do the reading, it is unbelievable what you will learn here.

 

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At our table, we were discussing how some of the analysis on here (including the $bac / $aig warrants threads) easily beats out any other analysis out there (especially from the trillion dollar investment banks!).

 

As long as you're willing to put in the time to do the reading, it is unbelievable what you will learn here.

 

I would add it does not even come close. this is learning in real time from others investing their own money. that is very different from the analysis by an analyst who is writing a report for a pay.

 

and as another poster said in another post ...you are getting paid to learn !!!

 

 

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Has anyone looked closely at zinc? I understand the thesis of the new plant, low cost operator, but does anyone have any input on the execution risk of getting this operational?

 

I've spent some time on it, and have a small position.  I think you can call the current price somewhat justifiable with normal operations of the current plant.  Then, you have the upside of 1) the plant working correctly in a year or so (maybe not immediately) or 2) zinc prices increasing.  Either should give nice upside and both would be quite nice.

 

Of course those are the two downsides, but I read the technology of the new plant is already being used in other metal processes of other companies, and the zinc mines dropping off in the next year or two should keep the zinc prices from dropping significantly (caveat, This is my opinion, and it may not be all that well founded, so I put more credence to the other one).

 

Also, the higher quality zinc the new plant should produce should give access to a much larger and better market for the company.

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