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2. The Dhandho Investor: The Low-Risk Value Method to High Returns, by Mohnish Pabrai
- Author:
- Daniel Wahl
- Publication Date:
- 12-2010
- Content Type:
- Journal Article
- Journal:
- The Objective Standard
- Institution:
- The Objective Standard
- Abstract:
- “From a standing start as refugees with virtually no capital, a person with the last name Patel today owns one out of every five motels in the United States” (p. 132). According to hedge fund investor Mohnish Pabrai, one word identifies how these Indian immigrants have achieved this extraordinary success in a little more than thirty years: Dhandho.
- Topic:
- Foreign Policy
- Political Geography:
- United States
3. The Barbary Wars and Their Lesson for Combating Piracy Today
- Author:
- Doug Altner
- Publication Date:
- 12-2009
- Content Type:
- Journal Article
- Journal:
- The Objective Standard
- Institution:
- The Objective Standard
- Abstract:
- Over the past few years, Somali pirates have attacked numerous ships, hijacking more than forty in 2008, holding more than six hundred seafarers for ransom that same year,1 and extorting more than $150 million in ransom payments from December 2007 to November 2008.2 More troubling is that, as of September, reported pirate attacks for 2009 have already surpassed the total number reported in 2008-a strong indication that the problem of piracy is only worsening.3 Because of these attacks, shipping companies must choose between navigating dangerous waters and taking costly alternate routes in order to protect their crews and goods. In November 2008, Maersk, one of the world's largest container shipping companies, announced that, until there are more convoys to protect its ships from attacks, some of its fleet will avoid taking the most direct sea route to the East through the Suez Canal, which leads to pirate-infested waters.4 By taking the next best route from Europe to the East-around South Africa's Cape of Good Hope-shipping companies such as Maersk will add an average of 5.7 days and three thousand miles to each trip. The average annual cost of this route change to such a shipping company will range in millions of dollars for each of its ships that uses the alternate route,5 not to mention short- and long-term expenses from additional wear on its vessels. And, of course, given the integrated nature of the economy and the amount of goods shipped to and from the East, such route changes negatively affect all industries, directly or indirectly. Although the piracy threat has been well known to those in the shipping industry for a few years, it became manifest to most Americans in April 2009 when Somali pirates hijacked the Maersk Alabama and captured twenty U.S. sailors. Although the sailors soon regained control of the ship,6 four pirates took Captain Richard Phillips hostage on a lifeboat. The three-day standoff that ensued ended when a team of navy SEAL snipers rescued the captain.7 Fortunately, neither the captain nor any sailors were seriously harmed during this attack-but it is disconcerting that a small gang of third-world pirates dared to attack an American ship and abduct its captain. Why were the pirates not afraid of a standoff with the most powerful navy on earth? To determine what is motivating these pirates and how the U.S. Navy should best combat their attacks, many policy analysts, historians, and defense experts are looking to the Barbary Wars-two wars the United States fought in the early 19th century to end North African piracy-for guidance. These experts are wise to look here, for the situation surrounding the Barbary pirates of the revolutionary era is similar in important respects to the situation surrounding the Somali pirates of today. Like the Somali pirates, the Barbary pirates attacked trade ships, stole goods, took prisoners, and demanded ransom from wealthy nations with strong militaries. And like the Somali pirates, the Barbary pirates got away with their thievery for some time. But unlike the Somali pirates, who continue their predations, after the Second Barbary War the Barbary pirates stopped assaulting U.S. ships-permanently. Toward establishing a policy that can bring about this same effect with regard to the Somali pirates, it is instructive to examine those aspects of late-18th- and early-19th-century U.S. foreign policy that were effective against Barbary piracy and those that were not. In particular, it is instructive to identify why the First Barbary War failed to end the pirate attacks but the second succeeded. Let us consider the key events surrounding these two wars. . . . To read the rest of this article, select one of the following options:Subscriber Login | Subscribe | Renew | Purchase a PDF of this article
- Topic:
- Foreign Policy and War
- Political Geography:
- United States, Europe, South Africa, and Somalia