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No. of Recommendations: 7
I read Mohnish Pabrai's Mosaic last weekend, and wanted to bring it to your attention. This is a wonderful little (138 pages, including author bio) investment book, and I think you should read it.

Before I talk about the book, let me tell you about Mohnish. He started his fund in mid-1999 with $1 million, and now assets are over $300 million.

Why the rapid growth in assets?

Knock-the-lights-out performance, that's why.

Net annualized returns to investors since inception is 29.4%, Mohnish told me in a recent e-mail. In dollars, a $100,000 investment in Pabrai Funds at inception on July 1, 1999 was worth $569,800 as of March 31, 2006 (net to investors). Meanwhile, a $100,000 in the DJIA grew to $115,800 during the same period.

So I think we can agree that Mohnish is qualified to write an investment book.

Actually, this is not so much a book as it is a compilation of columns from the early 2000's for TheStreet.com, Silicon India Magazine, and The Motley Fool. As a result, some of the information, i.e., certain Buffett quotes, are repetitive.

But this is a minor quibble. What makes Mosaic an important book is the author's emphasis on 1) the fleeting nature of most competitive advantages and 2) the importance of buying at a discount to intrinsic value.

There is some other good information in this little gem. But I do not want to spoil the fun. I think if you read this book and absorb the lessons, your investment returns will improve. I highlighted several sections of the book, and you will too.

Mosaic is available on Amazon.com



Hewitt
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No. of Recommendations: 0
Looking at Pabrai's 13F filed 12/31/05 it is evident that he believes in a concentrated portfolio. He listed 12 or 13 stocks at that time.
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No. of Recommendations: 3
missash -

Woodward and Bernstein want me to ask you, "What's he own?"


Hewitt

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No. of Recommendations: 2
Woodward and Bernstein want me to ask you, "What's he own?"

Please add Buffjan to that list of people that want to know "What's he own?"
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No. of Recommendations: 5
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No. of Recommendations: 0
If you think this is concentrated he said at the value investing congress he wants to narrow it down to 7-8 companies...
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