onestep@atime

What Mohnish Pabrai Didn't Know Hurt Him Badly

Pabrai professes a rigorous adherence to Buffet's basic approach. My biggest concern for Pabrai is that Buffet's two rules are, 1) don't lose money, and 2) never forget rule 1. Buffet has walked the talk and followed those rules closely. As I understand it, the DFC fiasco resulted in a permanent loss of the entire investment. How does that square eith Buffet's approach, and if not, how to fess up, what to learn to prevent a repeat?