The Dhandho Investor
Pabrai distills value investing into its most concentrated form, drawing from the Patel motel empire: 'Heads I win, tails I don't lose much.' Find situations where downside is limited and upside is enormous. Few bets, big bets, infrequent bets. His 'cloning' strategy of following the best investors is contrarian in its simplicity — why reinvent the wheel when you can copy the best?
Pabrai has one idea, the asymmetric bet, and he restates it for two hundred pages with the zeal of a convert. His case studies are his own winners, selected after the fact; the losers never appear. Cloning Buffett sounds humble until you notice it mostly means buying what already worked. A long magazine article wearing a book's covers.
The case for it and the rest of the canon open with Pro.
