Mohnish Pabrai

Dalal Street, LLC

Last update 2026-05-14

Reported portfolio value: $422,885,000
Current positions: 3
Top five concentration: 100.0%
Largest position: 39.9%
New positions: 0
Closed positions: 1

Reported holdings

4 positions

Company	Portfolio	Quarterly activity	Shares	Reported price	Reported value	Updated / source
HCC WARRIOR MET COAL INC	39.89%	Added 0.6%	1,810,831+11,000	$93	$168,679,000+$9,988,000	13F2026-03-31 ↗
RIG TRANSOCEAN LTD	31.97%	Reduced 24.6%	20,392,672−6,647,461	$7	$135,203,000+$23,528,000	13F2026-03-31 ↗
AMR ALPHA METALLURGICAL RESOUR I	28.14%	Added 6.8%	579,738+36,738	$205	$119,003,000+$10,468,000	13F2026-03-31 ↗
VAL VALARIS LTD	0.00%	Exited	0−459,098	$50	$0−$23,139,000	13F2026-03-31 ↗

Reported price is calculated from the reported value and share count. It is not the investor's actual purchase price.

Filing history

Historical holdings

Ticker	Company	Portfolio	Shares	Reported value
HCC	WARRIOR MET COAL INC	39.89%	1,810,831	$168,679,000
RIG	TRANSOCEAN LTD	31.97%	20,392,672	$135,203,000
AMR	ALPHA METALLURGICAL RESOUR I	28.14%	579,738	$119,003,000

Ticker	Company	Portfolio	Shares	Reported value
HCC	WARRIOR MET COAL INC	39.47%	1,799,831	$158,691,000
RIG	TRANSOCEAN LTD	27.78%	27,040,133	$111,676,000
AMR	ALPHA METALLURGICAL RESOUR I	27.00%	543,000	$108,535,000
VAL	VALARIS LTD	5.76%	459,098	$23,139,000

Investor background

Mohnish Pabrai

“Heads, I win; tails, I don’t lose much.”Mohnish Pabrai

Mohnish Pabrai is the managing partner and sole portfolio manager of the Pabrai Investment Funds and the CEO and sole shareholder of Dalal Street, their general partner. Before investing professionally, he worked at Tellabs and founded TransTech, an information-technology consulting company that he built from a small bootstrapped operation and sold in 2000. He began managing the Pabrai Funds in 1999.

Pabrai deliberately modelled his partnerships on Warren Buffett’s 1950s partnership structure and describes himself as a close student of Buffett and Charlie Munger. His central idea is asymmetric value: buy an understandable business or special situation when conservative analysis suggests limited permanent downside and a much larger range of favourable outcomes. He is comfortable holding cash and making few investments when that asymmetry is absent.

The method combines cloning, concentration and patience. Pabrai argues that investors can study ideas already selected by capable capital allocators, perform their own independent work and act only when the opportunity falls within their circle of competence. He has also developed an extensive checklist from prior investment failures, using it to expose unanswered questions about leverage, moats, management, cyclicality and other sources of permanent loss before committing capital.

His approach has evolved from statistically cheap securities toward businesses capable of reinvesting at attractive rates. The funds’ official materials distinguish conventional value opportunities from growth companies trading below intrinsic value and state a preference for the latter when quality, runway and price align. Investments have ranged across the United States and international markets, so Dalal Street’s US disclosure captures only one portion of the work.

Public interviews describe a very strong early partnership record, including high returns during the funds’ first eight or nine years. However, the complete partnership-level return histories are not continuously published for the public, and asset growth includes subscriptions as well as investment gains. Public performance claims should therefore be treated as manager-reported rather than as a current audited composite available for independent review.

Concentration has also produced severe drawdowns, most notably around the global financial crisis. Pabrai’s subsequent emphasis on checklists, balance-sheet risk and learning from other investors’ mistakes reflects an important qualification to the “cloning” idea: borrowing an idea does not transfer the original investor’s knowledge, sizing discipline or ability to endure losses.