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Interesting Quote From Pabrai Funds Quarterly Letter


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As of October 1, 2013, we are managing $2.5 Million of float of a small privately held insurance company in a separate account.  I like the Founder/CEO quite a bit and explored getting them to invest in one of the funds, but the various state insurance regulations made that option too onerous.  Besides, the US funds are closed.  These funds represent a small percentage of their float. The amount we manage for them may increase over time.  The investment style is likely to be a lot more concentrated than Pabrai Funds.  When fully invested, three or four positions will likely make up 90+% of assets. 


I have not had any new investment ideas in about 15 months.  Thus, as I write this letter, the separate account is 100% invested in money market funds.


Alright groupies, go to work!  Who do you think the CEO and company are?  Is Mohnish diversifying into managing insurance assets?  Could this be Monsieur Jain's National Indemnity?  C'mon throw your ideas out there.  Cheers!


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