Fireside Chat with Jeff Pintar on Mohnish Pabrai's lifetime Blackjack ban at a Vegas Casino on May 21, 2020
Chai with Pabrai
Warren Buffett Partnerships - What Are the Best Business Structures?
In Buffett terms, I didn't think I should get paid for breathing. So when I saw the Buffett Partnership structures of 0, 6, 25, I thought that was a great structure. And at Probrify Fund, it worked out really well. In fact, in 2007,. I must have collected $30 million in fees, which was perfectly fine with me. But then from 2009, the funds went down almost 2, 3, like 65%, 67%. And for us to earn a fee, we had to get back to the high watermark and 6% a year annualized every year from there. The two are completely different. That's why we can make money in the equity
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