David

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stock went over $35 per share, and we were unloading as aggressively as we could without being over 20 percent to 30 percent of daily average volume or affecting the price. Our traders at Smith Barney did a wonderful job of letting the shares out without tipping our hand. Around mid-May, as equity markets around the world dropped significantly, USAP dropped from $36 to $23 per share. Once the stock went under $31.50 per share, Pabrai Funds stopped selling. As I write this, we’ve unloaded about 60 percent of our USAP holdings at an average gain of over 100 percent, and the remaining
The Dhandho Investor: The Low-Risk Value Method to High Returns
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