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Micro trumps macro. Our Portfolio Manager, Mohnish Pabrai, explains why long-term investing starts with identifying durable franchises through deep attention to business fundamentals, not macro noise.

Pabrai Wagons ETF

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Pulak Prasad on why macro doesn’t matter in investing: “𝐖𝐞 𝐬𝐩𝐞𝐧𝐝 𝐳𝐞𝐫𝐨 𝐭𝐢𝐦𝐞 𝐨𝐧 𝐦𝐚𝐜𝐫𝐨… 𝐥𝐢𝐭𝐞𝐫𝐚𝐥𝐥𝐲, 𝐰𝐞 𝐝𝐨𝐧’𝐭 𝐭𝐚𝐥𝐤 𝐚𝐛𝐨𝐮𝐭 𝐢𝐭… 𝐰𝐞 𝐣𝐮𝐬𝐭 𝐬𝐢𝐦𝐩𝐥𝐲 𝐥𝐨𝐨𝐤 𝐚𝐭 𝐛𝐮𝐬𝐢𝐧𝐞𝐬𝐬𝐞𝐬.” The part that stands out most isn’t just that they ignore macro — it’s that 𝘵𝘩𝘦𝘺 𝘥𝘰𝘯’𝘵 𝘦𝘷𝘦𝘯 𝘵𝘢𝘭𝘬 𝘢𝘣𝘰𝘶𝘵 𝘪𝘵. That’s intentional. It helps insulate himself — and the culture of his firm — from that distraction, which can easily induce short-term thinking. It removes distraction, filters out noise, and keeps the 𝙛𝙤𝙘𝙪𝙨 𝙬𝙝𝙚𝙧𝙚 𝙞𝙩 𝙨𝙝𝙤𝙪𝙡𝙙 𝙗𝙚: 𝙏𝙝𝙚 𝙗𝙪𝙨𝙞𝙣𝙚𝙨𝙨 𝙞𝙩𝙨𝙚𝙡𝙛. Because macro tends to pull you into short-term thinking, even when you’re trying to be long-term. As Warren Buffett once said: “To give up something that you do know and is profitable for something that you don’t know… doesn’t make any sense.” 🗣️ Peter Lynch put it even more bluntly: “If you spend 13 minutes a year on economics, you’ve wasted 10.” 🗣️ 𝐒𝐨𝐦𝐞𝐭𝐢𝐦𝐞𝐬 𝐭𝐡𝐞 𝐞𝐝𝐠𝐞 𝐢𝐬𝐧’𝐭 𝐤𝐧𝐨𝐰𝐢𝐧𝐠 𝐦𝐨𝐫𝐞. 𝐑𝐚𝐭𝐡𝐞𝐫, 𝐢𝐭’𝐬 𝐢𝐠𝐧𝐨𝐫𝐢𝐧𝐠 𝐰𝐡𝐚𝐭 𝐝𝐨𝐞𝐬𝐧’𝐭 𝐦𝐚𝐭𝐭𝐞𝐫. ___ Video: Pulak Prasad & CA Ronit Pereira (07/16/25)

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