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prior to setting up his fund, has he thought of working for anyone else besides Buffett? I was very grateful to have the chance to ask Mohnish a few questions that are relevant to me. He also quoted Munger for saying."Nothing useful comes out of a committee." The more brains get into investment, the worse the performance would be. Mohnish said that Buffett, despite managing billion of dollars, is basically one man business. Highlights of the Third Annual General Meeting of 138. Mohnish mentioned that he might be interested in buying Lear again if price falls below $25/share. Devrhoid Davis 3506 Views 138SL, Business, Caribbean, Caribbean Business, Caribbean Companies, Caribbean Stock Markets, Caribbean Value Investor, CaribbeanValueInvestor, CVI, JSE, News, Performance, Real Estate, Stock Market, Value Investing, Value Stock 5 min read. As the deal fell through, Lear is still a listed company. Mohnish sold his position when Icahn offered to buy out Lear. However, as contracts were running out, Lear could renegotiate its contracts and pass the price increases to clients. Problems started in 2005 when commodity prices increased and they were unable to pass the costs to its clients.
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High ROIC and has been growing revenue 13% per year for the last 10 years. The other automotive seat maker is Johnson Controls. Understanding his investment in Lear Corp.ĭuopoly business. Ipsco was eventually bought out and he earned over 100% of return. Thus, he would get the steel business for free.ĭespite not knowing the intrinsic value of Ipsco at the time of purchase, it was a high uncertainty, but low risk bet. Mohnish's thinking was after 2 years of investment, the total amount of cash generated and those on the balance sheet would be equivalent to the total worth of the company at the time of investment. It has high visibility of earnings for 2 years, but uncertainty after that. When he invested in Ipsco, 1/3 of its market cap was cash. "You have asked the wrong person, you should ask Chicago Business School." What a great response. He only wants to invest in companies with businesses that Martian could understand.Īnother question was what he thought about relationship between volatility of the market to stock market valuation. They are digging the gold out from the ground, proccess them and put them in the vaults and never touch them again." He responded by quoting Buffett, saying, "If Martian were to to observe the activity of human beings for many many years, they would not understand what these humans were doing. Pabrai was asked about possibility of investing in commodities, such as gold. These are some of the things that Mohnish Pabrai said during his annual meeting.