Mohnish Pabrai’s Portfolio — Dalal Street, LLC

Mohnish Pabrai is the value investor who famously paid $650,000 with Guy Spier for lunch with Warren Buffett and wrote The Dhandho Investor, a framework for low-risk, high-uncertainty bets: 'heads I win, tails I don't lose much.'

His U.S. 13F is tiny and extremely concentrated — often just a handful of names — because much of his capital is invested in India and Turkey, outside 13F scope. When a new U.S. position appears, it is by definition a major allocation.

Dalal Street, LLC reported $423M in U.S.-listed holdings across 3 positions for Q1 2026.

The portfolio is heavily concentrated: HCC alone accounts for 39.9% of reported value.

Compared with Q4 2025, the fund opened 0 new positions and exited 1.