In short: His famous Turkish holding and hold-forever emblem: the largest warehouse builder/landlord in Turkey (~1.2M m², 99% inflation-indexed leases to Amazon, IKEA, Mercedes, Toyota). Bought at a ~$16M market cap vs ~$800M liquidation value; now ~$1.5B. Owns 40% — "we're just going to own it forever" while the founding father and son (son is 41) run it.
Reysas is a Turkish company that builds and rents out warehouses — it's the biggest warehouse landlord in Turkey, with about 1.2 million square metres leased almost entirely (99%) to blue-chip tenants like Amazon, IKEA, Mercedes and Toyota, on leases that automatically rise with inflation. Pabrai found it seven years ago when Turkey screened as the cheapest stock market in the world: the whole company could be bought for about $16 million even though selling off its buildings ("liquidation value") would have fetched ~$800 million. He describes it as buying a million-dollar apartment for $20,000.
He ran his checklist, confirmed there was no debt and that the buildings could survive a major earthquake (with insurance), and bought steadily until he owned 40% of the company. It's now worth about $1.5 billion. His plan is simply to never sell — "we're just going to own it forever" — as long as the founding father and his 41-year-old son keep running it well. It's his textbook "heads I win, tails I don't lose much" holding.
37:44So in Turkey when I went and looked at the market it was super cheap. So many things were trading at P of 1 P of two I started buying this company Rayas this warehouse company after I looked at it ran the checklist and all that and now we own 40% of the company. — Oh wow. — Because it was so cheap I and the market cap used to be $15 million.
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