It makes me feel better to hear him say that Pabrai Funds has not invested in any new ideas in the last 17 months. I have had only a few small commitment ideas over the last 17 months myself and I am sitting on my largest cash position ever.
1st 75% of fund invested in ideas that are expected to return 2x-3x in 2-3 years
next 10% of fund invested in ideas that are expected to return 3x min 2-3 years
next 5% of fund invested in ideas that are expected to return 4x min in 2-3 years
last 10% of fund invested in ideas that are expected to return 5x min in 2-3 years
OK for fund to have 10% - 20% cash the majority of the time
http://www.gurufocus.com/news/237941/one-hour-and-53-minutes-of-mohnish-pabrai--talking-to-boston-college
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