The Inoculated Investor: Change in Holdings of Pabrai Funds

Friday, May 15, 2009

Change in Holdings of Pabrai Funds

http://www.sec.gov/Archives/edgar/data/1173334/000095012309008906/c51331e13fvhr.txt

Pabrai Funds		Shares Owned	Shares Owned
Position	Ticker	12/31/2008	3/31/2009	Bought(Sold)
Air Transport Services	ATSG	5,393,962	5,393,962	0
Berkshire A	BRK-A	16	1	(15)
Berkshire B	BRK-B	254	5,888	5,634
CompuCredit	CCRT	324,152	0	(324,152)
Cresud SACIFYA	CRES	643,408	1,439,131	795,723
Cresud SA Commerical*		391,843	492,900	101,057
Cryptologic	CRYP	144,695	0	(144,695)
Fairfax Financial	FFH	58,001	46,032	(11,969)
Goldman Sachs Group	GS	110,864	110,864	0
Harvest Natural Resources	HNR	5,712,701	5,694,701	(18,000)
Horsehead Holding	ZINC	1,749,634	1,366,998	(382,636)
Leucadia National	LUK	774,672	779,472	4,800
Pinnacle Airlines*	PNCL	2,819,488	2,800,488	(19,000)
Potash Corp	POT	0	154140	154,140
Sears Holdings	SHLD	0	69001	69,001

*Cresud warrants
*Pinnacle includes call options

5 Best Value Investing Quotes

Seth Klarman: “It turns out that value investing is something that is in your blood. There are people who just don’t have the patience and discipline to do it, and there are people who do. So it leads me to think it’s genetic.”
Seth Klarman: “It sounds kind of crazy, but in times of turmoil in the market, I’ve felt a sort of serenity in knowing that I’ve checked and re-checked my work, one plus one still equals two regardless of where a stock trades right after I buy it.”
Howard Marks (Oaktree Capital): “For forty years I’ve seen the manic-depressive cycle of investor psychology swing crazily: between fear and greed – we all know the refrain – but also between optimism and pessimism, and between credulity and skepticism. In general, following the beliefs of the herd – and swinging with the pendulum – will give you average performance in the long run and can get you killed at the extremes.”
Bruce Greenwald (First Eagle Funds): "There are no bad days in the market. When the market is down, you’ve got bargains, and it’s lovely to think of what you are buying at low prices. When the market is up, the bargains have gone, but you’re rich.”
Mohnish Pabrai (Pabrai Funds): “Warren Buffett has said many times that people either get value investing in five minutes or they won’t get it in five years. So, there is something in the human brain, that for some of us, makes all the difference in the world right away and the patience it requires is part of the wiring process.”

The Inoculated Investor

Friday, May 15, 2009

Change in Holdings of Pabrai Funds

The Inoculated Investor Has Moved

The Inoculated Investor

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5 Best Value Investing Quotes