My Investing Muse

Some of the top investors have filed their  Q3/2023 13F  - holdings of various portfolios of stocks listed in the USA. Let us look at some of the top investors, their portfolios, and their activities (made up of sales and purchases). As a growing and learning investor, it is hard for me to skip the materials shared by folks like Charlie Munger, Mohnish Pabrai, Guy Spier, and Howard Marks. I have spent them watching their interviews, reading their articles, and digesting their books. There are other folks like Peter Lynch and Warren Buffett who have shaped my investing paradigm tremendously. Despite the great admiration, it is not good for me (personally) to copy their positions without doing my own due diligence. As we resonate with their principles and stories, we may have different investing time horizons, risk-reward tolerance, and perspectives. Over the recent months, I have added macro into my considerations. Thus, I do use their positions as a reference or a filter . My ...

Mohnish Pabrai is one of my favourite value investors.  He shared a relationship with Warren Buffett and Charlie Munger from Berkshire Harthaway.  $BRK.B, $BRK.A. Mohnish Pabrai Pabrai Funds portfolio as of Q4/2021 This was the collection of his 10 commandments coming to investing.  The source was  https://www.gurufocus.com/news/753022/mohnish-pabrai-talks-about-the-10-commandments-of-investing  and I have added my own thoughts in red italic fonts. Thou shall not skim off the top Pabrai thinks the fee structure in wealth and asset management is wrong. Most money managers are sinners. He takes issue with the fixed fee on assets under management. He specifically highlighted some original practitioners, Warren Buffett, who ran a 0/6/25 structure, and Munger, who ran a 0/33 type of structure. That means a 0% management fee and either 25% above a 6% hurdle or a 33% fee above a 0% hurdle. Personally, we should be rewarded with after delivered "agreed" results. There ...