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Value School (Madrid, Spain); Q&A with Mohnish Pabrai on July 9, 2021
Chai with Pabrai
How to Avoid Suffering in a Downturn Market
I think over time, XOR will end up with more and more of its capital outside of the mass market, auto market. It's irrelevant for the most part because it is in the nature of auction driven markets that you will have very wide variance between price and value. If I look at the value of my home on Zillow, every day for a year, it may not move more than 10%, 5%. The movement is very, very narrow. So auction driven markets will always overshoot an undershoot.
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