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Pabrai copied the one Buffett rule that costs him money. He took the fee structure from the original Buffett partnership and used it exactly: no management fee, a 6% hurdle, then 25% of anything above it. He earns nothing until his investors are up 6%, and Charlie Munger once asked a room to stand and applaud him for it. That is why 2008 did not finish him. A fund that loses 60% usually loses its investors, but his had never paid him for turning up, only for winning. They already knew he lost wh
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TikToktheventure
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