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Mohnish Pabrai's Presentation and Q&A at the Boston College on October 27, 2022
Chai with Pabrai
The Stock Splits - AutoZone vs AutoNation
Both AutoZone and AutoNation are ones that Eddie Lampert had a significant position and actually had influence on the board. And basically, I think that's one of the reasons they went down this path of buying back their shares. They didn't get the memo about not doing stock splits. But if you adjust their stock, it's basically gone from 27 to 2160. It's an 80 bagger over this 24 year period. Earnings went up 11X and it's a 20% annualized return.
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