Pabrai distills value investing into its most concentrated form, drawing from the Patel motel empire: 'Heads I win, tails I don't lose much.' Find situations where downside is limited and upside is enormous. Few bets, big bets, infrequent bets. His 'cloning' strategy of following the best investors is contrarian in its simplicity — why reinvent the wheel when you can copy the best?

The case for it, the case against, and the rest of the canon open with Pro.