Musings by Mohnish Pabrai... |
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Mohnish Pabrai is the founder and Managing Partner of the Pabrai Investments Funds, the founder and CEO of Dhandho Funds, and the author of The Dhandho Investor and Mosaic: Perspectives on Investing.
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Great Investors Podcast series – The Steve Pomeranz Show
06/17/2017
I very much enjoyed speaking with Steve Pomeranz for his “Great Investors” podcast series.
The talk discusses the fundamental traits of a value investor and why it is important to focus on individual companies and not the whole market. I also talk about the investing environment today and how it is similar to the period I started Pabrai funds in 1999. We also discuss Warren Buffett’s comments on Amazon and Google during the Berkshire shareholders’ meeting and if the large-cap tech stocks are overpriced.
It is a two-part podcast. The podcast and the transcript can be accessed at:
Part1: http://www.stevepomeranz.com/mohnish-pabrai/
Part2: http://www.stevepomeranz.com/mohnish-pabrai-2/
Enjoy!
The talk discusses the fundamental traits of a value investor and why it is important to focus on individual companies and not the whole market. I also talk about the investing environment today and how it is similar to the period I started Pabrai funds in 1999. We also discuss Warren Buffett’s comments on Amazon and Google during the Berkshire shareholders’ meeting and if the large-cap tech stocks are overpriced.
It is a two-part podcast. The podcast and the transcript can be accessed at:
Part1: http://www.stevepomeranz.com/mohnish-pabrai/
Part2: http://www.stevepomeranz.com/mohnish-pabrai-2/
Enjoy!
My two cents on Seritage Growth Properties – Barron’s
04/22/2017
David Englander wrote an interesting piece in Barron’s about Seritage Growth Properties this past week.
Seritage has been part of Warren Buffett’s portfolio since 2015. I was interviewed for the article and I shared some comments on the future of Seritage and the potential impact of a Sears bankruptcy on Seritage.
http://www.barrons.com/articles/lamperts-seritage-strategy-could-lead-to-long-term-gains-1492836691
If the above link asks you to log in and if you’re not a Barron’s subscriber, search for the title on google and click on the Barron’s link from there, that should give you access to the full article.
Enjoy!
Seritage has been part of Warren Buffett’s portfolio since 2015. I was interviewed for the article and I shared some comments on the future of Seritage and the potential impact of a Sears bankruptcy on Seritage.
http://www.barrons.com/articles/lamperts-seritage-strategy-could-lead-to-long-term-gains-1492836691
If the above link asks you to log in and if you’re not a Barron’s subscriber, search for the title on google and click on the Barron’s link from there, that should give you access to the full article.
Enjoy!
New Stock Picks For The Uber Cannibals Investing Strategy
04/06/2017
On December 22, 2016, I co-wrote an article in Forbes, "Move Over Small Dogs of The Dow, Here Come The Uber Cannibals" about an investment strategy called "The Uber Cannibals." with quant analyst Yingzhuo Zhao.
The progress report for 2017 and the updated Uber Cannibals portfolio for 2017-2018 is now on Forbes.com : https://www.forbes.com/sites/janetnovack/2017/04/06/new-stock-picks-for-the-uber-cannibals-investing-strategy/#60abf57542a6
Enjoy!
The progress report for 2017 and the updated Uber Cannibals portfolio for 2017-2018 is now on Forbes.com : https://www.forbes.com/sites/janetnovack/2017/04/06/new-stock-picks-for-the-uber-cannibals-investing-strategy/#60abf57542a6
Enjoy!
The New 2017–2018 Uber Cannibals
3/31/2017
Pay close attention to the cannibals – the businesses that are eating themselves by buying back their stock. - Charlie Munger |
I co-wrote an article with quant analyst Yingzhuo Zhao that ran in Forbes.com (December 22, 2016), entitled “Move Over Small Dogs of The Dow, Here Come The Uber Cannibals.” In it, we discussed the “Uber Cannibals” five stock portfolio, which selects five Uber Cannibal stocks in March/April of every year. We are now ready for the March/April 2017 picks.
As a recap, our algorithms selected these five cannibals for 2016-2017:
To keep it simple, I’m assuming that folks bought these stocks at the beginning of 2017. Thus, the Uber Cannibals track record starts from 1/3/2017. Let’s assume that on 1/3/2017, an investor, Ms. Sonia Patel, invested $100,000 from her IRA account at Interactive Brokers in the Uber Cannibals strategy, and equally weighted the five stocks. Her portfolio would have looked like the portfolio in the table below assuming that she bought all stocks at the highest prices they traded at that day (we ain’t givin’ Sonia no breaks!). She would have paid $5.90 in commissions assuming she’s chosen the “Fixed Pricing Structure” at Interactive Brokers.
As a recap, our algorithms selected these five cannibals for 2016-2017:
- AutoZone (AZO)
- Magellan Health (MGLN)
- Lowe’s Companies (LOW)
- NVR (NVR)
- Marriott International (MAR)
To keep it simple, I’m assuming that folks bought these stocks at the beginning of 2017. Thus, the Uber Cannibals track record starts from 1/3/2017. Let’s assume that on 1/3/2017, an investor, Ms. Sonia Patel, invested $100,000 from her IRA account at Interactive Brokers in the Uber Cannibals strategy, and equally weighted the five stocks. Her portfolio would have looked like the portfolio in the table below assuming that she bought all stocks at the highest prices they traded at that day (we ain’t givin’ Sonia no breaks!). She would have paid $5.90 in commissions assuming she’s chosen the “Fixed Pricing Structure” at Interactive Brokers.
|
# of shares |
1/3/17 Qty |
|
AutoZone |
25 |
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Magellan Health |
262 |
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Lowe's |
279 |
|
NVR |
12 |
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Marriott Int’l |
238 |
|
Cash |
$0.17 |
Lowe’s and Marriott paid dividends totaling to about $169 in Q1 2017. Per our rules, Sonia reinvested these dividends back into the same businesses. The performance of the Uber Cannibals strategy compared with the Small Dogs of the Dow and the S&P 500 is shown below.
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Q1 2017
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||
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Performance |
Value of the original $100K |
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The Uber Cannibals |
7.0% |
$106,979 |
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S&P 500 |
6.1% |
$106,066 |
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Small Dogs of the Dow |
4.7% |
$104,692 |
There is not much to say about the above numbers. Three months is too short a period to draw any conclusions, but we are doing well so far. As a reminder, in our backtests, between 1992 and 2016, the strategy returned an annualized 15.5% versus the S&P 500’s annualized return of 9.2%.
The Uber Cannibals have a quirk. We use year-end financials to pick the next set of Ubers for the coming years. And those aren’t available till late-March from our data providers. So, if one follows the Uber Cannibals strategy, one needs to tweak the portfolio annually during early April.
The New Kids on the Block
For the 2017-2018 period, our algorithms selected the following five Uber Cannibals:
Two of the original Uber Cannibals, Lowe’s and NVR will continue to be in Sonia’s portfolio for another year. And we have three new kids on the block.
The Forbes article discussed how NVR had bought back 75% of shares outstanding in the last two decades. Lowe’s is following in NVR and AutoZone’s footprints. Over the last thirteen years, Lowe’s has reduced its share count by a stunning 45%. Lowe’s share count has dropped by 30% in just the last five years. Like Home Depot, Lowe’s has an entrenched position in the home improvement superstore category. Not a business that’s easy for Amazon to disrupt. As home building gets back to historical norms of over a million new homes being built every year, Lowe’s has natural tailwinds as far out as the eye can see.
If you are a new investor to the Uber Cannibals, you can just equal weight these five stocks (i.e., invest the same amount of money in each of these five) and keep that portfolio until April 2018, when I’ll provide the 2018-19 portfolio on www.ChaiWithPabrai.com. If you invested in the Uber Cannibals at the beginning of the year like Sonia, then you would leave Lowe’s and NVR untouched, sell the other three and invest the proceeds equally among the three new kids. Then just set it and forget it for another year. Happy Cannibal Investing!
The Uber Cannibals have a quirk. We use year-end financials to pick the next set of Ubers for the coming years. And those aren’t available till late-March from our data providers. So, if one follows the Uber Cannibals strategy, one needs to tweak the portfolio annually during early April.
The New Kids on the Block
For the 2017-2018 period, our algorithms selected the following five Uber Cannibals:
- Lowe’s (LOW)
- NVR (NVR)
- The Hackett Group (HCKT)
- Select Comfort (SCSS)
- Willis Lease Finance (WLFC)
Two of the original Uber Cannibals, Lowe’s and NVR will continue to be in Sonia’s portfolio for another year. And we have three new kids on the block.
The Forbes article discussed how NVR had bought back 75% of shares outstanding in the last two decades. Lowe’s is following in NVR and AutoZone’s footprints. Over the last thirteen years, Lowe’s has reduced its share count by a stunning 45%. Lowe’s share count has dropped by 30% in just the last five years. Like Home Depot, Lowe’s has an entrenched position in the home improvement superstore category. Not a business that’s easy for Amazon to disrupt. As home building gets back to historical norms of over a million new homes being built every year, Lowe’s has natural tailwinds as far out as the eye can see.
If you are a new investor to the Uber Cannibals, you can just equal weight these five stocks (i.e., invest the same amount of money in each of these five) and keep that portfolio until April 2018, when I’ll provide the 2018-19 portfolio on www.ChaiWithPabrai.com. If you invested in the Uber Cannibals at the beginning of the year like Sonia, then you would leave Lowe’s and NVR untouched, sell the other three and invest the proceeds equally among the three new kids. Then just set it and forget it for another year. Happy Cannibal Investing!
Interview with The Industry Show
03/20/2017
I very much enjoyed my fun conversation with Nitin Bajaj for The Industry Show. The interview was streamed live on Facebook, so it was great to answer some of the viewers’ questions live.
We discussed my childhood in India and the journey that led to my starting Pabrai Funds. We also reviewed the first investment I made for Pabrai Funds and some more recent investments, like Southwest Airlines.
Enjoy!
https://www.youtube.com/watch?v=i0uQmqm6vEo
We discussed my childhood in India and the journey that led to my starting Pabrai Funds. We also reviewed the first investment I made for Pabrai Funds and some more recent investments, like Southwest Airlines.
Enjoy!
https://www.youtube.com/watch?v=i0uQmqm6vEo
5 questions from Benzinga interview
03/04/2017
Spencer Israel did a great job of putting together a few salient points from my conversation with Benzinga’s founder and CEO, Jason Raznick in this quick read:
https://www.benzinga.com/general/hedge-funds/17/03/9115480/5-questions-with-legendary-investor-mohnish-pabrai
Enjoy!
https://www.benzinga.com/general/hedge-funds/17/03/9115480/5-questions-with-legendary-investor-mohnish-pabrai
Enjoy!
Interview with Benzinga about the Auto Industry
03/03/2017
I very much enjoyed my conversation on Benzinga’s PreMarket Prep show with Benzinga’s founder and CEO, Jason Raznick, and editor and producer, Spencer Israel.
We discussed my views on auto stocks and the favorable dynamics of the American auto industry today. We also chatted about the potential impact of self-driving vehicles on the industry in general.
Here is the link to the recording:
https://soundcloud.com/bztv/a-conversation-with-legendary-investor-mohnish-pabrai
If you prefer to read, feel free to have a look at these two articles which summarize our conversation:
https://www.benzinga.com/general/hedge-funds/17/03/9114261/why-this-buffett-disciple-put-more-than-half-his-portfolio-in-stoc
https://www.benzinga.com/general/hedge-funds/17/03/9114779/when-will-we-see-fully-autonomous-vehicles-this-famous-hedge-fund-
Enjoy!
We discussed my views on auto stocks and the favorable dynamics of the American auto industry today. We also chatted about the potential impact of self-driving vehicles on the industry in general.
Here is the link to the recording:
https://soundcloud.com/bztv/a-conversation-with-legendary-investor-mohnish-pabrai
If you prefer to read, feel free to have a look at these two articles which summarize our conversation:
https://www.benzinga.com/general/hedge-funds/17/03/9114261/why-this-buffett-disciple-put-more-than-half-his-portfolio-in-stoc
https://www.benzinga.com/general/hedge-funds/17/03/9114779/when-will-we-see-fully-autonomous-vehicles-this-famous-hedge-fund-
Enjoy!
Beyond Buffett: How To Build Wealth Copying 9 Other Value Stock Pickers
02/22/2017
I co-wrote this article in Forbes on an investment strategy called the “Shamelessly Cloned Portfolio.”
The shameless portfolio comprises of five of the highest conviction ideas of 9 value managers whom we shamelessly clone. Like the Small Dogs of the Dow and Uber Cannibals, we set it and forget it. I will publish the list of the top Shameless Cloned Ideas for a particular year on my blog on January 1 each year.
For 2017, even though it’ll be a partial year, one can buy the 2017 picks anytime. After that, rebalancing should occur right after January 1.
The Shameless Portfolio for 2017 contains:
We’ve laid out all our algorithm rules below.
One can begin testing this strategy with a small portion of one’s networth and do it through a great broker like Interactive Brokers with commissions under $3/trade for small quantities. We hope you’ll join our merry band of shameless cloners.
You can view the article here:
https://www.forbes.com/sites/janetnovack/2017/02/22/beyond-buffett-how-to-build-wealth-copying-9-other-value-stock-pickers/#7645cf00eaf9
I co-wrote the article with Fei Li, a talented quant at Dhandho Funds.
Enjoy!
Note, anyone who invests in any strategy needs to do their own research/due diligence and are themselves fully responsible for the outcome.
Appendix: Shameless Cloning Portfolio Rules
Selection Criteria:
Rebalance Methodology:
The shameless portfolio comprises of five of the highest conviction ideas of 9 value managers whom we shamelessly clone. Like the Small Dogs of the Dow and Uber Cannibals, we set it and forget it. I will publish the list of the top Shameless Cloned Ideas for a particular year on my blog on January 1 each year.
For 2017, even though it’ll be a partial year, one can buy the 2017 picks anytime. After that, rebalancing should occur right after January 1.
The Shameless Portfolio for 2017 contains:
- Oracle (ORCL)
- Berkshire Hathaway (BRK-B)
- Apple (AAPL)
- Microsoft (MSFT)
- Charter Communications (CHTR)
We’ve laid out all our algorithm rules below.
One can begin testing this strategy with a small portion of one’s networth and do it through a great broker like Interactive Brokers with commissions under $3/trade for small quantities. We hope you’ll join our merry band of shameless cloners.
You can view the article here:
https://www.forbes.com/sites/janetnovack/2017/02/22/beyond-buffett-how-to-build-wealth-copying-9-other-value-stock-pickers/#7645cf00eaf9
I co-wrote the article with Fei Li, a talented quant at Dhandho Funds.
Enjoy!
Note, anyone who invests in any strategy needs to do their own research/due diligence and are themselves fully responsible for the outcome.
Appendix: Shameless Cloning Portfolio Rules
Selection Criteria:
- No utilities, no REITs, no oil and gas exploration, no metals and mining and no multiline retailers.
- Positive trailing-12-month net income
Rebalance Methodology:
- Rebalance on Dec 31st of each year.
- The old companies that are not in the new portfolio are sold. The “sell money” is accumulated and distributed equally among all new entrants.
- If the same company is present in our portfolio for another year, then we leave it unchanged i.e. no rebalancing trades.
- Dividends are reinvested into the same company that paid it.
- If there is an involuntary removal through acquisition/delisting/bankruptcy then the cash is distributed equally among the remaining cloners.
- If there are any spin-offs, the shares are sold and reinvested in the parent.
Vacuum up those pennies – and let Warren Buffett invest them for you!
2/9/2017
Saving the first dollar you earn, versus saving what is left after you spend, is always a smart way to go. And making it automated is key. Set it and forget it!
A new smartphone app, Stash allows you to automatically save as little as $5/month and then immediately invest the same in Berkshire Hathaway Class B shares. They’ll even buy fractional shares with no trading costs. The B shares are changing hands these days at about $164/share. If you send Stash $5, then they’ll buy you 5/164th of a B share. Stash does charge $1/month or 0.25% annually, whichever is higher.
Another one, Acorns, rounds up your credit card purchases to the nearest dollar and saves the difference. You can have the pennies that Acorns vacuums up go into a savings account. And you can have Stash periodically move those savings into Berkshire.
My friend, Jason Zweig, wrote an interesting piece on Stash, Acorns and a third one, Digit in his column “The Intelligent Investor” in the Wall Street Journal past weekend:
http://jasonzweig.com/inching-your-way-toward-wealth-with-your-phone/
When you buy that latte at Starbucks for $4.27 every day, it adds up. Taking those 73 cents every day and automatically investing them is such a no-brainer.
A new smartphone app, Stash allows you to automatically save as little as $5/month and then immediately invest the same in Berkshire Hathaway Class B shares. They’ll even buy fractional shares with no trading costs. The B shares are changing hands these days at about $164/share. If you send Stash $5, then they’ll buy you 5/164th of a B share. Stash does charge $1/month or 0.25% annually, whichever is higher.
Another one, Acorns, rounds up your credit card purchases to the nearest dollar and saves the difference. You can have the pennies that Acorns vacuums up go into a savings account. And you can have Stash periodically move those savings into Berkshire.
My friend, Jason Zweig, wrote an interesting piece on Stash, Acorns and a third one, Digit in his column “The Intelligent Investor” in the Wall Street Journal past weekend:
http://jasonzweig.com/inching-your-way-toward-wealth-with-your-phone/
When you buy that latte at Starbucks for $4.27 every day, it adds up. Taking those 73 cents every day and automatically investing them is such a no-brainer.
Lecture to Univ. of Puerto Rico MBA Class on mental models on Sept. 26, 2016
1/26/2017
I thoroughly enjoyed my talk to the University of Puerto Rico MBA students in San Juan, Puerto Rico on Sept. 26,2016 where I discussed three mental models in the spirit of Charlie Munger’s latticework of mental models.
The three models include
Enjoy!
https://www.youtube.com/watch?v=FO5V7jcBNMM
The three models include
- The Power of Truth: Commit to candor, however painful or uncomfortable it may be. Being relentlessly truthful (and avoiding “white lies”) will strengthen your relationships with those around you in the long run.
- Compounding is the 8th Wonder of the World: Resist the temptation to pull money out of compounding accounts like 401(k)s; instead, leave them and let them compound over the longest runways possible.
- Dhandho Entrepreneurship: Take advantage of extracurricular time at your full-time job to first test your start-up ideas before quitting your day job to become the next Elon Musk. If you fail, you’ll still have a job. Heads you win, tails you don’t lose much!
Enjoy!
https://www.youtube.com/watch?v=FO5V7jcBNMM
The Investors Podcast - Transcript
1/16/2017
Preston Pysh recaps Stig Brodersen and his discussion with me in this article. If you prefer to read versus listen, feel free to check out the transcript of the recent podcast here:
http://www.forbes.com/sites/prestonpysh/2017/01/16/mohnish-pabrai/#4ec2d4642b49
Enjoy!
http://www.forbes.com/sites/prestonpysh/2017/01/16/mohnish-pabrai/#4ec2d4642b49
Enjoy!
The Investors Podcast - Part 2
1/15/2017
I very much enjoyed doing this podcast with Preston Pysh and Stig Brodersen. Both are great guys who do a great service to the Value Investing Community. Thanks guys!
In this second part interview, Preston and Stig discuss some of the finer details of my investing approach. Recently, the airline industry has had enormous amounts of market consolidation and a few stocks seem to have favorable valuations. We had discussions on these potential opportunities and what are the long term prospects of these opportunities.
In this episode, we talked about:
Enjoy!
In this second part interview, Preston and Stig discuss some of the finer details of my investing approach. Recently, the airline industry has had enormous amounts of market consolidation and a few stocks seem to have favorable valuations. We had discussions on these potential opportunities and what are the long term prospects of these opportunities.
In this episode, we talked about:
- My recent investment in Southwest Airlines.
- My biggest investment mistake, and how I made more than $100 million because of it.
- If Warren Buffett and Charlie Munger consider any macro decisions in their investment approach.
- Why the airline industry is a terrible sector, but might still be a great investment at the moment.
Enjoy!
The Investors Podcast - Part 1
1/8/2017
I very much enjoyed doing this podcast with Preston Pysh and Stig Brodersen. Both are great guys who do a great service to the Value Investing Community. Thanks guys!
In this episode, we talked about:
https://www.theinvestorspodcast.com/the-dhandho-investor-mohnish-pabrai/
Enjoy!
In this episode, we talked about:
- How I accumulated business knowledge from the age of 11
- What special advantages people like Bill Gates and Warren Buffett had to become so successful
- How I had set up and ran a business like Warren Buffett and Charlie Munger
- Why investing is not a team sport
https://www.theinvestorspodcast.com/the-dhandho-investor-mohnish-pabrai/
Enjoy!
Interview with BTVi about markets and commodities
12/30/2016
I very much enjoyed my chat with Samina Hirani of BTVi, about markets and commodities.
http://www.btvi.in/m/videos/watch/20599/exclusive---mohnish-pabrai-s-call-on-markets
Enjoy!
http://www.btvi.in/m/videos/watch/20599/exclusive---mohnish-pabrai-s-call-on-markets
Enjoy!
Interview with CNBC-TV 18 on Trump and Outlook for 2017
12/27/2016
I very much enjoyed my chat with Latha Venkatesh at The Charles T. Munger Hall in Bengaluru for CNBC – TV18.
It covers Buffett, Trump, Dakshana Foundation, Demonetization, Investing in India and what to look forward in 2017.
https://m.youtube.com/watch?v=6fkDLax_RmM
https://m.youtube.com/watch?v=IfzgWbyAE4Q
Enjoy!
Here is the transcript of the interview:
http://www.moneycontrol.com/news/market-outlook/see-trump-making-deals-that-benefitworld-mohnish-pabrai_8170961.html
It covers Buffett, Trump, Dakshana Foundation, Demonetization, Investing in India and what to look forward in 2017.
https://m.youtube.com/watch?v=6fkDLax_RmM
https://m.youtube.com/watch?v=IfzgWbyAE4Q
Enjoy!
Here is the transcript of the interview:
http://www.moneycontrol.com/news/market-outlook/see-trump-making-deals-that-benefitworld-mohnish-pabrai_8170961.html
Here Come the Uber Cannibals!
12/22/2016
I co-wrote an article in Forbes on an investment strategy called "The Uber Cannibals."
Uber Cannibals are companies that aggressively buy back their own stock. I will publish the list of the top Uber Cannibals for a particular year on my blog on March 18 each year.
If you choose to pursue the strategy of investing in Uber Cannibals, you can either start with these 2016 Uber Cannibals now and then rebalance at March 20, 2017, or wait until March 20, 2017 to start investing in the new list of 2017 Uber Cannibals then.
The Uber Cannibals for 2016 are:
This is a "set it and forget it" strategy. I'd suggest not putting more than 10% to 20% of your nest egg in this strategy. It only makes sense if you intend to follow it for at least a decade or two or longer. The ideal straetgy is in your IRA. That way, there are no realized gains to worry about.
You can view the article here:
http://www.forbes.com/sites/janetnovack/2016/12/22/move-over-small-dogs-of-the-dow-here-come-the-uber-cannibals/#2c38ff233dea
I co-wrote the article with Yingzhuo Zhao, a talented quant at Dhandho Funds.
Enjoy!
Note, anyone who invests in any strategy needs to do their own research/due diligence and are themselves fully responsible for the outcome.
Uber Cannibals are companies that aggressively buy back their own stock. I will publish the list of the top Uber Cannibals for a particular year on my blog on March 18 each year.
If you choose to pursue the strategy of investing in Uber Cannibals, you can either start with these 2016 Uber Cannibals now and then rebalance at March 20, 2017, or wait until March 20, 2017 to start investing in the new list of 2017 Uber Cannibals then.
The Uber Cannibals for 2016 are:
- AutoZone (AZO)
- Magellan Health (MGLN)
- Marriott International (MAR)
- NVR (NVR)
- Lowe’s (LOW)
This is a "set it and forget it" strategy. I'd suggest not putting more than 10% to 20% of your nest egg in this strategy. It only makes sense if you intend to follow it for at least a decade or two or longer. The ideal straetgy is in your IRA. That way, there are no realized gains to worry about.
You can view the article here:
http://www.forbes.com/sites/janetnovack/2016/12/22/move-over-small-dogs-of-the-dow-here-come-the-uber-cannibals/#2c38ff233dea
I co-wrote the article with Yingzhuo Zhao, a talented quant at Dhandho Funds.
Enjoy!
Note, anyone who invests in any strategy needs to do their own research/due diligence and are themselves fully responsible for the outcome.
My Chat with Barron's on US Auto manufacturers and Airlines
12/10/2015
I thought you would be interested in the following story from Barron's.
Mohnish Pabrai Thinks GM, Fiat, Southwest Air Look Like Bargains
http://www.barrons.com/articles/why-mohnish-pabrai-likes-gm-fiat-and-southwest-air
Enjoy!
Mohnish Pabrai Thinks GM, Fiat, Southwest Air Look Like Bargains
http://www.barrons.com/articles/why-mohnish-pabrai-likes-gm-fiat-and-southwest-air
Enjoy!
