2017 was a blowout year for Mohnish Pabrai's Pabrai Funds. After struggling to produce a positive return for investors between 2013 and 2016, in 2017 ( as we reported at the time) Pabrai's PIF 2, the largest of the three funds managed by Pabrai Funds, returned 92.2%. PIF 3 and PIF 4 returned 109.2% and 62.4% respectively. All of the funds easily outperformed the S&P 500 during the year.
One stock, in particular, was responsible for almost all of the gains; India's Rain Industries.
Indeed, by the end of 2017, the original $20 million investment (across all of the Pabrai funds) Pabrai had made in the business back in 2015, had grown...
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