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They all had nice losses. This one will go down as a monumental loss for Pabrai. Buffett tanked quite a bit of money too. I believe that it was with an airline....

The way I see it is that I don't have the acumen that a guy like Buffett or Lampart possess. I cannot unpick the balance sheet of a financial institution like DFC. It's just not transparent enough. But I know quality and although the quality stocks won't give me young Buffett-like returns, I do achieve superior returns than on a savings account and that is what matters to me. There is also the insignificant fact that I am not a young Buffett either...

All that searching for the mega-big returns in the order of 50% has ever done for me was prompt me to make silly bets resulting in big losses. I know that I don't have the training nor the wiring to be another Buffett. But I don't have to be. I can patiently wait for the quality stuff to become well priced and then take my stake. Arguably, I won't make returns in the order of 20%+, but so far this nets a quite satisfactory return for me. Regularly.

Interesting to see what happens to his stake during liquidation of the business...

WFC, BCS, LYG, AIB, EIRE and WB are all top notch banks that are flirting with very attractive price levels for buyers. They all had a little run-up lately, but that can well move into rock-bottom territory again, as the next act of the sub-prime story unfolds.

I'd just sit tight and let the nice regular returns of sound investments compound.