I really enjoyed this long interview with Mohnish Pabrai and Steve Forbes:
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I saw the short clip where Pabrai regurgitated his pablum about “low risk/high uncertainty” investing. I asked him to define the difference three years ago, and he couldn’t do it, and couldn’t give an ex ante example of it. He just referred me back to the chapter in his book about it. A few months later, Mr.low risk/high uncertainty doubled-down on DFC after the credit markets seized and rode it down to bankruptcy. Then he went on to lose 60%+ of his clients’ money the following year. What is it you find so impressive about Pabrai? You are a better investor than him; he is just much savvier at public relations.
I think he is an excellent investor, who has made mistakes like I have. Last year, he put up big numbers, triple digit numbers. I also have had time to talk to him and he has been helpful and insightful to me. I’m a fan.
Doing ~50% worse than the market on the way down, and ~50% better on the way up demonstrates beta more than alpha. I’m sure he’s a very nice guy though.