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The value investor tells clients good days are ahead for the next few years.
You have to hand it to Mohnish Pabrai. For a guy whose firm is sliding downward rather swiftly, he's certainly confident.
The head of Irvine, California-based Pabrai Investment Funds, excitedly tells investors in an October 11 letter that he raised $9.8 million from new and existing investors in the third quarter after opening two of his three hedge funds for the first time in several years.
"While there are no guarantees, all three funds are likely to do quite well in the next few years," Pabrai tells clients in the letter. Pabrai was not available to comment in time for publication.
For two of the three funds, the next opening is scheduled for January 1, 2017, while the other fund had an additional opening on November 1 of this year. The additional assets bring the total for the firm to $460 million. This is down more than 25 percent from the $617.8 million the firm reported having as of December 31, 2015, in its most...