Pabrai investment funds
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It is also important to note that our definition of support is narrow and excludes certain instances of
sponsor intervention to protect MMMFs from losses. Specifically, direct support excludes support in the
form of Capital Support Agreements (CSAs) and/or Letters of Credit (both of which provided guarantees
on individual or a portfolio of securities) that were not drawn upon - even where such facilities were
important in maintaining the market value NAVs of the funds.
8
Although such guarantees are an
important form of support, placing a value on these agreements can be difficult and excluding them
ensures that no...
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Pabrai investment funds
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Pabrai investment funds
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