Monish Pabrai’s Q1 filing showed over 3.2 million shares of Pinnacle Airlines (PNCL). I highlighted his rationale in a previous posting and said you need to have a strong stomach to get into this stock and not to rush into it. Obviously, airline stocks have been hammered as a result of high oil prices and a weakening economy.   But, Pinnacle also lost 25% of its value when Delta canceled its agreement, and now that Delta is merging with Northwest, it is likely that Pinnacle’s contract with that carrier will also be canceled. The point is that even the so-called smartest investors and pros lose their shirts in stock market, the biggest gambling pit in the world.  The situation with Delta and Pinnacle may not have been expected by Pabrai, but these are the types of issues you need to seriously consider when you evaluate companies; it is what analysts are paid to bring up when they make their recommendations.   But, more importantly, in my opinion, it shows you that most investors could do as well as the pros, if not better, if they could dedicate their working life to picking companies that will prosper.  No one, not even Warren Buffett, is perfect.h