MOHNISH PABRAI 00:07
Yeah, actually, I'm not too focused on, you know, rapid response or anything like that. You know, I think we've got plenty of time and basically if I can find, you know, two or three good ideas in a year, I'm in good shape.
And you know, I'll give you an example, GM is a good example of that. You know, the first time that was visible that you know, Berkshire had bought it was I don't know like May 14th or May 15th or so. And of course, I didn't do much with it at that point. And it's really a few weeks after that when I noticed that you know, Einhorn also had a position that I started to drill down.
And in fact, so that particular drill down I actually must have read at least – At least a dozen books on the auto business different facets of the business. You know, I read books on Alan Mulally at Ford. I had read Sloan's book you know, 'My Years with GM' some years back and I reread some parts of it and then there were –
You know, GM was a company which had a very rich dataset. So there was a great book called 'Overhaul' which was written by Steven Rattner. Who was a – Appointed by the treasury to oversee the bailout on the autos. And so you know, basically between the filings of the company and a bunch of articles and books and such.
I think that work may have taken a few weeks maybe 3-4 weeks and then we were ready to pull the trigger after that. There's no – You know, the thing is that the number one skill that you can bring to bear to beat the market is patience.
So, you know, you should never be in a hurry thinking that all these stock might go up or you know, I might lose this opportunity or whatever else. Actually, GM became cheaper, I bought it at much lower prices than originally what Ted Weschler and Berkshire had paid for it.
And so the – You know, one doesn't need to be under pressure that you have to act. In some kind of rapid response manner or anything like that. Generally, you have plenty of time to do that.
"One doesn't need to be under pressure that you have to act. In some kind of rapid response manner or anything like that. Generally, you have plenty of time to do that." ~Mohnish Pabrai