Not without reasons.
Both Pabrai and Spier, who believe that value investing is timeless and it pays to get a grasp on the value of the business and where it's heading in the long term, have been big followers of the legendary investor.
In an interaction with ETNow's Tanvir Gill, they opened up on how one should deal with markets under any condition.
Take Pabrai, for that matter. "Value investing is timeless and will be here for the next 50 years," he said, citing the example of Rain Industries.
For those who track the share price on a day-to-day basis, Spier said checking the stock prices regularly does not make sense.
Pabrai goes on to list out the dos and don'ts for wealth creation. "If you have decades to retire and want to create wealth for you, the best thing one can do is to invest in a well diversified index fund and the second is spend less…," he advised.
He is pretty clear that timing the market is a futile exercise. “We are never going to get the timing right. One should ignore market levels. They will go up and down, but if you keep investing for 30-40 years, you are going to wake up with enormous wealth. We want to play the long game,” stressed Pabrai.
He also emphasised on independence of thought playing a key role in investing. “I have no idea where the Indian markets are three days from now, three months from now, three years from now, (that's) irrelevant. What will actually matter is how these underlying businesses I own individually perform,” Pabrai said further.
To back up his point, Pabrai pointed to Titan that has done phenomenally well over the years. “Trust in the brand is the biggest asset for Titan and Tanishq,” he explained.
He let out a few more Buffett gems. "One of the key things Buffet says is if you do not know jewellery, know your jeweller. So, one of the easiest things for us to get taken in is when we buy jewellery. It is very easy for us to get deceived. The most important thing is trust in the jeweller. The biggest asset they have is Titan and Tanishq and the trust of tens of millions people. Actually, there is no second," he told ETNow.
On real estate, Spier said the transformation India is going through is "just extraordinary" and is driving so many things.
For midcap investors, his message is simple: warm up. "If you own midcaps, you just go to sleep and ignore the selloff. And if you do not own the midcaps, get interested and see what is there,” he pointed out.