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To: SGJ who wrote (609)	1/13/2008 10:32:01 PM
From: Patrick Slevin	Read Replies (1) \| Respond to of 834

Don't misunderstand me, because I believe in concentrated positions myself, but I must ask one question. How do you decide when you are wrong? Example, an investor named Pabrai was a major holder of Delta Financial (DFC) and pounded the table at the West Coast Value Conference last year. Stock was between 11 & 12, I think his position was about 10% of the float. At 5 he bought more. I notice from Yahoo he appears to be out, finally, but the stock last traded at 0.036 ------- In your experience, when does a concentrated position become untenuous? I ask because I read a lot about people who did the research, held on, hit a home run. I wonder about the stories I don't read; I think I'll never read about Pabrai's failure in Delta.