Actually, all the fellow value pickers posting in the thread are stuck in this stock(including me) due to coattailing Pabrai Sir. Mr. Mohnish is a fantastic human being,doing good work with the dakshina foundation. He has close friendship with Mr.Munger and I am sure he must have sounded off this idea with him. How I look at rain is that Mr. Pabarai has positioned himself for an assymetric payoff with Rain Industries, his average will be still below Rs.50-60 considering that he has sold some at around 400 levels and then bought at around 200. Rain Ind. is not a bad stock,its just that the business is very tough, Mr. Nellore is an honest man with limited desire to get phenomenally rich or gain popularity. However, the business being in many geographies is actually low ROE business and the market is valuing it that way.
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