Mohnish Pabrai's Q&A at Clemson University - Wall Street South Investment Club on November 13, 2023.
(00:00:00) - Auction-driven markets
(00:02:07) - Berkshire's PetroChina investment
(00:04:34) - Anomaly-based investing
(00:05:27) - Reysas
(00:08:36) - Macro-economic factors in investing
(00:11:29) - Clemson to Austin
(00:14:32) - Finding anomalies; Investing in Turkey
(00:17:24) - Funeral home business
(00:20:14) - 13F filings
(00:21:30) - Car dealerships
(00:29:05) - Lunch with Warren and Charlie
(00:36:55) - Diversification
(00:40:27) - The LA Country Club
The contents of this website are for educational and entertainment purposes only, and do not purport to be, and are not intended to be, financial, legal, accounting, tax or investment advice. Investments or strategies that are discussed may not be suitable for you, do not take into account your particular investment objectives, financial situation or needs and are not intended to provide investment advice or recommendations appropriate for you. Before making any investment or trade, consider whether it is suitable for you and consider seeking advice from your own financial or investment adviser.
Mohnish Pabrai's conversation at Schroders - The Value Perspective podcast on October 10, 2023
(00:00:00) - Introduction
(00:02:45) - My introduction to Warren Buffett
(00:04:28) - Chuck Feeney: The Billionaire who wasn't
(00:06:28) - The Dakshana Foundation
(00:08:28) - Learnings from my childhood
(00:14:21) - Cloning is a powerful mental model
(00:15:50) - Microsoft: The most relentless cloner
(00:17:33) - Sam Walton: Walmart
(00:20:48) - Can cloning be competitive?
(00:22:54) - Different styles of investing
(00:25:16) - Ben Graham: GEICO
(00:27:46) - Stone Trust Insurance: Francis Chou
(00:35:20) - Berkshire's insurance investments
(00:37:50) - Burlington Northern Railroad
(00:42:12) - Improving probabilistic thinking
(00:44:04) - Importance of portfolio concentration
(00:45:43) - Ergodicity: The Walton family
(00:48:31) - Investing in Turkey: Reysas
(00:50:53) - Nick Sleep: Amazon
(00:53:21) - Capital allocation
(00:55:26) - Macro-economic factors in investing
(01:00:49) - Book recommendation
The contents of this website are for educational and entertainment purposes only, and do not purport to be, and are not intended to be, financial, legal, accounting, tax or investment advice. Investments or strategies that are discussed may not be suitable for you, do not take into account your particular investment objectives, financial situation or needs and are not intended to provide investment advice or recommendations appropriate for you. Before making any investment or trade, consider whether it is suitable for you and consider seeking advice from your own financial or investment adviser.
Mohnish Pabrai's Q&A Session at Boston College, Carroll School of Management on October 12, 2023.
(00:00:00) - Introduction
(00:02:58) - Moody’s Manual
(00:08:11) - Japan Company Handbook
(00:12:00) - Buffett’s Amazing Five Japan Bets
(00:16:23) - Lessons in investing: Search for anomalies
(00:17:59) - Peter Kiewit and Sons
(00:21:35) - ADP vs. Exxon
(00:28:24) - IPSCO
(00:32:43) - Rain Industries
(00:35:11) - Reysas
(00:41:10) - Fiat Chrysler; Ferrari
(00:47:56) - Narrowing the investing universe; JetBlue Airlines
(00:53:17) - Thou shall not use Excel
(00:54:49) - Pulak Prasad: No leverage
(00:59:05) - GM vs. Fiat Chrysler
(01:01:30) - Steve Rattner
(01:07:31) - Investing in distressed industries
(01:11:39) - Error rate in investing
(01:14:15) - TransTech
(01:20:01) - My Owner's Manual
(01:24:19) - Investing in Turkey
(01:26:18) - Coca-Cola Icecek
(01:34:40) - Learnings from Buffett and Munger
(01:38:55) - Micron
The contents of this website are for educational and entertainment purposes only, and do not purport to be, and are not intended to be, financial, legal, accounting, tax or investment advice. Investments or strategies that are discussed may not be suitable for you, do not take into account your particular investment objectives, financial situation or needs and are not intended to provide investment advice or recommendations appropriate for you. Before making any investment or trade, consider whether it is suitable for you and consider seeking advice from your own financial or investment adviser.
Mohnish Pabrai's Talk at the YPO Waterloo Austin on October 17, 2023.
(00:00:00) - Introduction
(00:02:49) - The Manhattan deal by American Indians in 1626
(00:07:42) - Compounding: Eighth wonder of the world
(00:08:14) - Queen Isabella's funding of Columbus discovery of America
(00:11:35) - My daughter's introduction to compounding
(00:15:18) - Factors of compounding
(00:20:58) - Never interrupt compounding unnecessarily
(00:25:15) - Large inheritances do more harm than good
(00:28:17) - Chuck Feeney: The Billionaire Who Wasn’t
(00:33:47) - My journey of investing
(00:40:27) - Berkshire's Twelve great decisions
(00:43:19) - Entrepreneurship vs. Investing
(00:45:29) - Owner's Manual
(00:50:44) - Index investing
(00:54:08) - Reysas
(01:00:23) - Handling macro risks
(01:01:17) - Understanding a business
Mohnish Pabrai’s Q&A at Mendoza College of Business - University of Notre Dame on September 29, 2023.
(00:00:00) - Introduction
(00:01:57) - When to sell a stock; Amazon
(00:09:00) - Starting Pabrai Investment Funds
(00:13:35) - Berkshire's Twelve great decisions
(00:16:25) - Berkshire's Japanese investments
(00:20:52) - Identifying compounders
(00:26:07) - Charlie's mental models
(00:27:41) - Association tendency – Coca-Cola
(00:29:32) - Human reciprocation tendency
(00:34:09) - Cloning: Chipotle vs. Baja Fresh
(00:38:06) - Steve Rattner: Overhaul
(00:45:07) - Fiat Chrysler
(00:47:25) - NVR
(00:49:45) - Bridge vs. Investing
(00:55:34) - The Dakshana Foundation
Mohnish Pabrai’s Q&A session at the Harvard Business School on September 15, 2023
(00:00:00) - Introduction
(00:01:26) - Heads I win; Tails I don’t lose too much!
(00:14:27) - My entrepreneurial adventures
(00:22:59) - Starting Pabrai Investment Funds
(00:29:24) – Thou shall not use Excel!
(00:31:42) - Cloning the Buffett Partnership structure
(00:38:45) - Diversification
(00:41:07) - Investing in Turkiye; Reysas
(00:45:21) - Lunch with Warren Buffett
(00:51:55) – The Dakshana Foundation
(01:03:59) - Adam Grant: Give and Take
(01:08:58) - Chuck Feeney: The Billionaire Who Wasn't
(01:13:56) - The Buffett Partnership
(01:18:51) - Chris Davis: AIG
(01:24:06) - Charlie Munger: The Psychology of Human Misjudgement
(01:27:21) - Buffett – Munger Partnership
(01:32:30) - Avoid leverage in life
Mohnish Pabrai's Interview at the Meb Faber Show on July 28, 2023.
(00:00:00) - Introduction
(00:00:58) - My education at Clemson University
(00:04:51) - My introduction to Warren Buffett and Bridge
(00:12:32) - Compounding must be taught to 9th graders
(00:17:51) - The Dakshana Foundation
(00:29:27) - Holding on to your high conviction bets
(00:31:14) - Shelby Davis
(00:33:18) - Think like an entrepreneur when investing
(00:38:38) - Investing in Turkey
(00:44:42) - Macro Risks
(00:47:40) - Investing in global markets
(00:51:56) - Dinner with Bill Gates
(00:54:41) - IPSCO
(00:57:21) - Funeral businesses
(01:00:17) - John Arrillaga
Mohnish Pabrai's Presentation and Q&A at MDI, Gurgaon on December 26, 2014
(00:00:00) - Introduction
(00:03:28) - Starting Pabrai Investment Fund
(00:05:01) - Dakshana Foundation; the 2% model
(00:12:42) - Dhandho Holdings
(00:14:06) - Insurance vs. Investing
(00:20:31) - Buying Iowa farm land
(00:30:07) - Volatility: An advantage for auction driven markets
(00:33:02) - When to sell a stock
(00:39:14) - Munger: “I always had someone to discuss my investment ideas with.”
(00:43:51) - Hero MotoCorp
(00:48:51) - Opportunity cost of sitting on cash
(00:53:37) - Investing in India
(00:56:22) - The Dakshana journey
(01:12:15) - Impact of value investing on personal life
Mohnish Pabrai's Presentation and Q&A at Indian School of Business on July 13, 2013
(00:00:00) - Introduction
(00:01:41) - Rajat Gupta
(00:04:00) - Compounding: eighth wonder of the world
(00:11:37) - Starting Pabrai Funds
(00:19:42) - Shameless cloning
(00:26:41) - General Motors
(00:34:14) - Cloning Buffett's portfolio
(00:39:11) - ROI model in philanthropy
(00:42:30) - Ashok Kumar: Dakshana Scholar
(00:45:48) - Zero fee structure
(00:48:12) - 2009 financial crisis
(00:54:11) - Investing in Indian markets
(01:00:05) - Business with strong moat vs. Business that clones
(01:04:48) - Micro trumps macro
(01:09:17) - How to build a business
(01:16:37) - The Dakshana Foundation
(01:20:44) - Envy: The greatest human vice
Mohnish Pabrai's Presentation and Q&A at MDI, Gurgaon on December 22, 2015.
(00:00:00) - Introduction
(00:04:43) - The Motors bubble - 1921
(00:06:56) - The Tronics bubble - 1959-62
(00:08:23) - The Dot com bubble - 1997-2000
(00:16:10) - The 1973-74 Nifty-Fifty crash
(00:19:00) - Tesla vs. GM
(00:21:07) - Netflix vs. Micron
(00:26:11) - Go Pro
(00:33:04) - Creation of stock market bubbles
(00:55:01) - Super 30: Anand Kumar
(01:00:34) - The Dakshana Foundation
(01:05:39) - Warren's Too Hard Pile
(01:07:52) - John Arrillaga's small circle of competence
(01:09:15) - My daughter's introduction to compounding
(01:16:22) - Tom Gayner
(01:19:56) - Microcap vs. Large cap
(01:25:06) - Focus on micro than macro
(01:35:04) - Portfolio concentration
Mohnish Pabrai's Q&A with members of the Finance and Investment Cell at SRCC, Delhi on June 14, 2023.
(00:00:00) - Introduction
(00:02:25) - Investing basics in school curriculums
(00:05:58) - Investing in improving yourself
(00:12:21) - Dhandho investing; Jugaad
(00:15:30) - Employment opportunities in India vs the US
(00:19:55) - Moving from passive investing to active management
(00:23:33) - Handling investing mistakes
(00:24:39) - Nvidia
(00:26:30) - Microsoft
(00:31:51) - Democratizing investing
(00:33:56) - Better off focussing on the micro versus the macro
(00:41:46) - Quality is more important than quantity
(00:44:08) - ESG
(00:47:28) - Venture Capital
(00:52:27) - Bill Gates
Stephen D. Cutler Center for Investments and Finance,
Babson College
Managing Director: Patrick Gregory
(00:00:00) - Introduction
(00:02:03) - Value vs Growth Investing
(00:05:45) - Microsoft
(00:09:12) - Volatility in auction driven markets
(00:14:36) - Portfolio management
(00:18:32) - Change in Investment philosophy
(00:22:45) - Walmart vs Nifty 50
(00:25:26) - Reysas
(00:29:43) - Micro vs. Macro
(00:32:05) - Investment in Turkey
(00:35:19) - John Arrillaga’s Tiny Circle of Competence
(00:41:49) - Structural changes due to pandemic
(00:46:47) - Three variables that drive long-term wealth
(00:47:39) - My daughter's introduction to investing
Mohnish Pabrai's Q&A session with the Finance Club of IIT Patna on May 10, 2023
(00:00:00) - Introduction
(00:02:28) - Value investing; Amazon
(00:09:52) - Learnings from Charlie Munger; Doheny Ranch, California
(00:18:23) - Be a harsh grader while choosing your friends
(00:27:17) - Li Lu
(00:33:15) - Investing in China
(00:38:14) - Cryptocurrency & algorithmic trading
(00:39:27) - Book recommendations
(00:40:21) - Identifying multibaggers
(00:42:13) - My investing journey
(00:46:49) - Book recommendation: Poor Charlie's Almanack
(00:48:28) - Adam Grant: Give and Take
(00:54:22) - Identifying great businesses
(01:02:31) - Lunch with Buffett
Summer Summit 2021
Moderated by Luis Alberto and Iglesias Gómez
(00:00:00) - Introduction
(00:00:39) - Entrepreneur’s advantage
(00:03:36) - Finding order in chaos
(00:07:09) - Investment in Turkiye
(00:07:40) - Investment in China
(00:10:14) - Growth vs Value
(00:12:15) - Microsoft
(00:16:29) - Nick Sleep
(00:18:21) - When two worlds collide
(00:19:41) - Reysas
(00:22:22) - Rain Industries
(00:23:38) - Market trends
(00:24:27) - Ron Insana: Trend Watching
(00:27:37) - Your deepest desire is your destiny
(00:32:47) - Holdings of Agnelli family
(00:34:56) - Auction driven markets
(00:37:52) - Discounts in equity market
(00:41:05) - Balancing personal and professional life
(00:45:38) - Friendship with Charlie Munger
(00:47:32) - The Dakshana Foundation
Mohnish Pabrai's Interview at the Investor’s Podcast on April 25, 2023
(00:00:00) - Introduction
(00:00:54) - Poor Charlie's Almanack; handling biases
(00:02:55) - Investing in Turkey
(00:06:12) - Circle the wagons
(00:08:54) - Nifty 50 in 1970's
(00:11:51) - Rakesh Jhunjhunwala
(00:13:57) - Naspers
(00:19:09) - Shinoken; share buybacks
(00:24:08) - How has my investing changed over the years
(00:26:07) - Stock based compensation
(00:29:17) - Constellation: Mark Leonard
(00:36:43) - Handling investment mistakes
(00:40:32) - The importance of truth
(00:45:55) - Being open to discuss finances
Mohnish Pabrai's Q&A session with students at the JNV Lucknow on December 27, 2022
(00:00:00) - Introduction
(00:00:51) - Usain Bolt; The Bolt Factory
(00:11:09) - Khushwant Singh
(00:14:59) - IIT vs. MIT
(00:25:29) - Start specialising at the age of 11
(00:35:31) - Why is Brazil great at football?
(00:43:31) - If I was the education minister in India
(00:46:42) - Delhi school system
(00:56:50) - Avoid looking back, focus on looking forward
(01:01:35) - You are who your friends are
(01:03:17) - Dakshana scholar: T. Ashok Kumar
(01:07:16) - Handling family expectations
Mohnish Pabrai's Presentation and Q&A at the University of Nebraska, Omaha on May 5 2023
(00:00:00) - Introduction
(00:02:22) - Buffett’s 2022 Shareholder Letter
(00:03:25) - Berkshire’s dozen truly great decisions
(00:07:16) - Naspers; Tencent
(00:12:14) - Rakesh Jhunjhunwala; Titan
(00:14:56) - Nick Sleep; Amazon
(00:18:39) - Ben Graham; Geico
(00:20:20) - Walmart vs. Nifty 50
(00:23:37) - Buffett's Coke investment
(00:26:35) - Chuck Akre's Three-legged stool
(00:29:51) - Compounding is the 8th wonder of the world
(00:33:47) - Silicon Valley Bank
(00:36:37) - Reysas
(00:38:38) - Identifying great businesses
(00:44:02) - Investing in Turkey
(00:47:06) - Seritage
(00:48:29) - Start specializing at the age of 11
(00:50:39) - Circle of competence
(00:52:37) - Ajit Jain
(00:57:18) - Index Investing
Mohnish Pabrai's Q&A session with students at the JNV Pune on December 25, 2022.
(00:00:00) - Introduction
(00:01:51) - Be a continuous learning machine
(00:04:09) - Entrepreneurs do not take risk
(00:14:12) - MLK: I have a dream
(00:17:59) - What happens if I lose all my money today?
(00:28:48) - Inspiration for Dakshana
(00:34:36) - Super 30: Anand Kumar
(00:39:48) - Toastmasters
(00:44:56) - Giving back to society
(00:49:15) - Buddha: The key to happiness is elimination of desire
(00:54:38) - You are who your friends are
Mohnish Pabrai's Q&A session with students at the Dakshana Valley, Pune on December 26, 2022.
(00:00:00) - Introduction
(00:00:54) - Finding your calling in life
(00:15:31) - Toastmasters
(00:19:43) - Dakshana Scholar Satpal Singh
(00:21:23) - Inspiration for starting Dakshana
(00:28:22) - Anand Kumar: Super 30
(00:29:43) - The Dakshana journey
(00:37:00) - The essence of life
(00:45:53) - Nelson Mandela
(00:50:56) - Marcus Aurelius: Stoicism
(00:56:48) - Why did I choose India for Dakshana
(01:10:51) - My journey – from a below average to topper student
(01:19:36) - Handling adversities
(01:24:33) - Dakshana Scholars T Ashok Kumar & Rajeev
(01:34:46) - How to win friends and influence people – Dale Carnegie
(01:37:48) - Charlie Munger's human reciprocation mental model
(01:49:34) - Ben Franklin
(01:53:43) - Cloning as a mental model
Mohnish Pabrai's Interview at the mint-Equitymaster Investor Hour on April 11, 2023 |
(00:00:00) - Introduction
(00:01:00) - My childhood
(00:12:52) - My journey towards investing
(00:24:03) - Starting Pabrai Funds during the dot-com bubble
(00:26:56) - IPSCO
(00:30:33) - 2009 financial crisis
(00:32:46) - The Fiat Chrysler Investment in 2012
(00:35:07) - Meeting Michael Burry in 2008
(00:38:47) - COVID-19 pandemic
(00:44:32) - Satyam Computers & Blue Dart
(00:53:08) - Rakesh Jhunjhunwala
(00:54:34) - Anomaly-based investing
(00:56:20) - Reysas
(01:00:32) - Varun Beverages and Coca-Cola Icecek
(01:05:08) - When to sell a stock?
(01:08:35) - Equities vs other asset classes
(01:13:21) - PeopleSoft
(01:18:00) - Teaching kids about money
(01:24:05) - Reading advice
(01:28:32) - Dakshana Foundation
(01:35:16) - Compounding is the 8th wonder of the world
Mohnish Pabrai's Q&A session with students at JNV Bundi on December 24, 2022
(00:00:00) - Introduction
(00:01:09) - Enterprise Rent-A-Car only hires GPA below 2.5!
(00:11:38) - Toppers do not do the best in life
(00:14:32) - My journey - from a below average to a topper
(00:18:40) - Dakshana: Of the Alums, By the Alums, For the Alums
(00:23:19) - Be a continuous learner
(00:28:33) - The Dakshana model and objectives
(00:39:13) - Gandhi: Be the change you wish to see
(00:40:38) - A man, a Plan, a Canal, Panama
(00:49:26) - TransTech
(00:54:13) - Ben Franklin
(00:59:18) - Giving back to society
(01:02:09) - Government Reservation System
Mohnish Pabrai’s Q&A session with students at JNV Bangalore (Rural) on December 23, 2022
(00:00:00) - Introduction
(00:04:57) - Dakshana Donors – Prem Watsa; R.K. Damani
(00:07:27) - Harvard’s model for donations
(00:12:11) - Your deepest desire is your destiny
(00:21:51) - Dakshana: Of the alums, for the alums, by the alums
(00:22:54) - Fear of failure
(00:32:11) - Inspiration behind Dakshana
(00:33:19) - Large inheritances do more harm than good
(00:37:03) - Truth is the foundation for trust
(00:47:40) - Book by Judith Harris: No Two Alike
The contents of this video are for educational and entertainment purposes only, and do not purport to be, and are not intended to be, financial, legal, accounting, tax or investment advice. Investments or strategies that are discussed may not be suitable for you, do not take into account your particular investment objectives, financial situation or needs and are not intended to provide investment advice or recommendations appropriate for you. Before making any investment or trade, consider whether it is suitable for you and consider seeking advice from your own financial or investment adviser.
Mohnish Pabrai's Q&A session with students at JNV Bengaluru (Urban) on December 23, 2022
(00:00:00) – Introduction
(00:00:34) - Charles T. Munger Hall
(00:05:32) - Ben Franklin
(00:07:51) - Charlie's mental models
(00:11:45) - The Cloned Dakshana Model
(00:20:07) - Dakshana Scholar T. Ashok Kumar
(00:23:55) - Judith Harris: No Two Alike
(00:26:18) - Buddha: The key to happiness is elimination of desire
(00:28:19) - My journey – from a below average to topper student
(00:31:47) - Seabiscuit
(00:35:10) - The Dakshana model and objectives
(00:52:01) - Giving back to society
(00:56:58) - Learnings from Buffett
The contents of this video are for educational and entertainment purposes only, and do not purport to be, and are not intended to be, financial, legal, accounting, tax or investment advice. Investments or strategies that are discussed may not be suitable for you, do not take into account your particular investment objectives, financial situation or needs and are not intended to provide investment advice or recommendations appropriate for you. Before making any investment or trade, consider whether it is suitable for you and consider seeking advice from your own financial or investment adviser.
Mohnish Pabrai’s Talk and Q&A session with students at the University of Texas on February 28, 2023
(00:00:00) - Introduction
(00:02:01) - Buffett's 2022 Letter to Shareholders
(00:04:29) - Berkshire’s Twelve great decisions
(00:09:16) - Rakesh Jhunjhunwala
(00:13:27) - Chuck Akre's three-legged stool
(00:16:19) - Wally Park at LAX
(00:18:35) - My investing journey
(00:22:55) - Macroeconomic factors
(00:27:04) - Investing in Turkey
(00:30:27) - Reysas
(00:40:14) - TAV Airports
(00:44:02) - When to sell?
(00:46:04) - Investing in the US
(00:50:13) - Start specializing at age 11
(00:57:08) - Berkshire's Oil Investments
(00:58:44) - Buffett’s Oxy Bet
(01:04:26) - Fiat Chrysler
(01:12:31) - Ferrari: Sold too soon!
(01:15:05) - The Dakshana Foundation
The contents of this website are for educational and entertainment purposes only, and do not purport to be, and are not intended to be, financial, legal, accounting, tax or investment advice. Investments or strategies that are discussed may not be suitable for you, do not take into account your particular investment objectives, financial situation or needs and are not intended to provide investment advice or recommendations appropriate for you. Before making any investment or trade, consider whether it is suitable for you and consider seeking advice from your own financial or investment adviser.
Mohnish Pabrai's Chat with students at the Rotman School of Management on March 03, 2023
(00:00:00) - Introduction
(00:03:53) - Lunch with Warren
(00:08:49) - Buffett’s 2022 Shareholder Letter
(00:17:02) - “Circle the Wagons” approach to investing
(00:19:28) - The Nifty Fifty in 1970s
(00:22:08) - Rakesh Jhunjhunwala
(00:24:55) - How to “Circle the Wagons”
(00:31:05) - Finding a great business
(00:33:17) - IBM
(00:38:54) - Li Lu
(00:47:04) - Moutai
(00:50:44) - Evaluating management
(00:53:33) - Coca-Cola
(00:56:02) - Reysas
(01:01:50) - Circle of competence
(01:03:41) - John Arrillaga
(01:06:30) - Satyam Computers
(01:10:27) - Investing in China
Mohnish Pabrai’s Presentation and Q&A at the Boston College on October 9, 2014
(00:00:00) - Introduction
(00:00:50) - Pabrai Funds, Dhandho and Dakshana: Cloning 101
(00:09:16) - Insurance companies and float investments
(00:13:02) - Buying farmlands in Iowa – negotiated transactions
(00:17:44) - Auction driven markets: Park Electrochemical Corp
(00:20:35) - Auction driven markets: Premier Gold Mines
(00:21:54) - Auction driven markets: Communication Design International
(00:25:32) - Service Corp
(00:29:23) - Lunch with Warren Buffett
(00:31:50) - Rick Guerin
(00:35:50) - Inner scorecard
(00:37:43) - David Hawkins: Power vs. Force
(00:44:44) - How to cultivate patience
(00:48:19) - Running a hedge fund
(00:51:25) - My reading preferences
(00:53:10) - Investment models
(00:58:00) - Silicon Valley Bank
(01:02:41) - CMGI
(01:05:54) - Circle of competence
(01:09:28) - Common mistakes investors make
(01:12:43) - Valuing private businesses
(01:15:53) - Arlington Capital Management: Allan Mecham
(01:21:54) - Jammu & Kashmir Bank
(01:33:01) - Sears
Mohnish Pabrai’s Q&A session at the SumZero Top Stocks Investor Summit on February 9, 2023
(00:00:00) - Introduction
(00:01:07) - Turkey earthquake
(00:05:05) - Charlie's biggest mistake: Belridge Oil
(00:08:44) - Coca-Cola İçecek
(00:13:35) - Reysas
(00:18:25) - Ferrari: One of my biggest mistakes
(00:22:34) - Turkey – FX risk
(00:24:07) - TAV Airports
(00:27:27) - Brookfield
(00:36:18) - Ali Baba vs. Tencent
(00:38:03) - Indian Energy Exchange
(00:41:51) - Adani Group
(00:43:21) - Amazon
(00:45:54) - Apple vs Ferrari runway
(00:48:11) - Microsoft vs. Apple
(00:50:54) - Macroeconomic risks
Mohnish Pabrai’s Q&A Session with MBA Students at Georgetown University.
(00:00:00) - Introduction
(00:01:38) - Starting of Pabrai Funds
(00:06:16) - Long term compounders
(00:07:17) - International Investment
(00:11:48) - Biggest reason Investments don’t work is debt
(00:14:27) - DELTA Financial: Avoid Leveraged Businesses
(00:15:52) - Competitive Advantages
(00:17:32) - Dakshana Foundation
(00:20:51) - Value investing
(00:25:18) - Money manager
(00:30:32) - Rules for investors in Pabrai Funds
(00:37:09) - Stock picking
(00:40:27) - Seritage stock
(00:44:49) - Quality of a business
(00:48:24) - Ideal number of stocks
(00:49:21) - Understanding a business
(00:53:50) - Market trends
At JNV Bengaluru Urban.
Compounding is the 8th Wonder of the World!
Mohnish Pabrai's Q&A Session with YPO Gold Nairobi in Kenya on October 11, 2022
(00:00:00) - Introduction
(00:03:15) - Buying Manhattan from the Native American Indians in 1626
(00:10:05) - My daughter's investment journey with compounding
(00:12:51) - Active vs. Passive Investing
(00:19:51) - Error rate in investing
(00:26:12) - Reysas
(00:29:41) - TAV Airports
(00:31:43) - Circle of competence
(00:35:45) - Macroeconomic factors
(00:39:51) - When to sell a stock
(00:44:11) - Intrinsic Value
(00:46:25) - Global investment opportunities
(00:54:06) - Too hard pile
(00:58:24) - TAV business model
(01:02:31) - Learning from mistakes
(01:07:20) - The Dakshana story
Jeff Pintar, CEO of Pintar Investment Company, and Mohnish Pabrai discuss what the world may look like post-Covid 19 and the current investment landscape. Jeff and Mohnish also have some banter about the lifetime ban Mohnish received in 2019 from playing Blackjack at a Las Vegas Casino due his winning system.
(00:00:00) - Introduction
(00:01:53) - Life after COVID
(00:03:24) - Policy decisions during the pandemic
(00:06:20) - Capitalism and businesses are fragile
(00:10:19) - My Investing Journey
(00:12:51) - Lifetime Blackjack Ban
(00:19:55) - Las Vegas
(00:22:56) - Value investing during the pandemic
(00:27:47) - Microsoft
(00:30:27) - Long term interest rates vs valuations
(00:32:06) - Buffett and Munger during the pandemic
(00:35:34) - Forget the macro, Focus on micro
(00:38:31) - Live Nation
(00:39:47) - Funeral services are great businesses
(00:43:12) - Zero Fee Structure
(00:47:41) - Investing is a solitary activity
(00:49:25) - The Dakshana story
Prof. Jiang Guohua's Value Investing Course
"The Quest for 10-100 Baggers"
Mohnish Pabrai's Q&A Session with students at the William & Mary College on November 8, 2022
(00:00:00) - Introduction
(00:01:39) - The Micron Technologies oligopoly
(00:10:46) - Entrepreneurs aren’t risk takers
(00:15:48) - Model for running a non-profit/charity
(00:20:22) - Adversity is a blessing
(00:23:31) - Thou shalt not use Excel
(00:30:21) - Micron Technologies: Destination analysis
(00:36:42) - Micro Trumps Macro: Ignore macro
(00:38:15) - Buffett: The Learning Machine
Mohnish Pabrai’s Q&A Session with Juan Pablo and Alejandro Salcedo at Mis Propias Finanzas on September 20, 2022
(00:00:00) - Introduction
(00:01:36) - Lunch with Buffett
(00:13:17) - Analyzing an Investment
(00:21:03) - On Inheritance
(00:25:51) - The Dakshana Story
(00:30:34) - Book Recommendation
(00:38:35) - My Retirement Plan
(00:43:45) - Investing as a Career
(00:44:57) - Global Investment Opportunities
(00:49:07) - Cryptocurrencies
Mohnish Pabrai discusses three mental models in the spirit of Charlie Munger’s latticework of mental models in a lecture to the University of Puerto Rico MBA students in San Juan, Puerto Rico.
Mohnish Pabrai and Kamal Khetan, Chairman and Managing Director of Sunteck Realty Ltd., talk with class of 2019 Dakshana Scholars at Dakshana Valley, Kadus Village, Pune, Maharashtra, India.
Mohnish Pabrai’s Q&A Session with Ironhold Capital on September 16, 2022
(00:00:00) - Introduction
(00:01:08) - Intrinsic Value
(00:13:18) - Screening for Investment Ideas
(00:22:47) - Identifying Moats
(00:27:09) - Phil Fisher’s Scuttlebutt method
(00:31:54) - Lunch with Buffett
(00:36:06) - Book Recommendation
(00:37:44) - The Dakshana Story
Mohnish Pabrai lecture to Trinity Student Managed Fund at Trinity Business School, Trinity College Dublin, in Dublin, Ireland, on February 21, 2019.
(00:00:00) - Introduction
(00:02:59) - BULL! A history of the boom and bust, 1982-2004 by Maggie Mahar
(00:03:54) - THE DOW (1896 – 2019)
(00:07:52) - Market conditions when Pabrai Funds started
(00:09:36) - Price matters
(00:12:14) - S&P 500 (1928 – 2019)
(00:12:43) - Nasdaq (1971 – 2019)
(00:13:19) - Sensex (1979 – 2019); Dax (1988 – 2019)
(00:13:58) - Property bubble to NIKKEI (1970 – 2019)
(00:16:28) - KOSPI (1980 – 2019)
(00:24:50) - Lessons from Charlie Munger and Warren Buffett
(00:30:11) - Advice on Starting a Career
(00:32:22) - Definition of Success
(00:35:06) - Hedge Fund Fee Structure
(00:43:14) - When should one start a Fund
(00:50:11) - Succession plan at Pabrai Funds
(00:51:10) - Mental Models with Philanthropy; Dakshana Foundation
(00:59:07) - Low Risk and High Uncertainty Bets
(01:05:25) - Finding your own rope during drawdowns
(01:09:35) - Thoughts on current market levels
The contents of this video are for educational and entertainment purposes only, and do not purport to be, and are not intended to be, financial, legal, accounting, tax or investment advice. Investments or strategies that are discussed may not be suitable for you, do not take into account your particular investment objectives, financial situation or needs and are not intended to provide investment advice or recommendations appropriate for you. Before making any investment or trade, consider whether it is suitable for you and consider seeking advice from your own financial or investment adviser.
Mohnish Pabrai’s Q&A with London School of Economics on January 18, 2023
(00:00:00) - Intro
(00:01:09) - Durable Moats
(00:04:34) - Coca-Cola
(00:08:05) - Apple
(00:08:59) - Burlington Northern Railway
(00:11:04) - Patience is your most valuable asset
(00:14:47) - The Quest for 100 baggers
(00:16:15) - Charlie’s greatest investing mistake: Belridge Oil
(00:19:33) - Reysas
(00:25:36) - Japan Company Handbook
(00:30:15) - Circle of competence
(00:32:35) - Margin of safety
(00:32:57) - Be unreasonable
(00:34:18) - Be an independent thinker
(00:35:52) - Cloning ideas
(00:40:07) - Thou shall never use Excel!
(00:41:28) - Charlie’s mental models
The contents of this video are for educational and entertainment purposes only, and do not purport to be, and are not intended to be, financial, legal, accounting, tax or investment advice. Investments or strategies that are discussed may not be suitable for you, do not take into account your particular investment objectives, financial situation or needs and are not intended to provide investment advice or recommendations appropriate for you. Before making any investment or trade, consider whether it is suitable for you and consider seeking advice from your own financial or investment adviser.
Boston College Presentation November 19, 2013
(00:00:00) - Introduction
(00:01:28) - Thou Shalt Not Have an Investment Team
(00:13:14) - Resources for Investment Analysis
(00:20:08) - My Research and Investment Process
(00:24:41) - Reviewing the Portfolio
(00:28:58) - Cash Allocation in the Portfolio
(00:38:09) - Circle of Competence
(00:39:08) - Trade-off between Valuation and Growth
(00:42:25) - Levered Businesses
(00:43:19) - Investment Checklist
(00:49:03) - Commodity-based Businesses
(00:56:17) - Starting an Investment Career
(00:59:42) - Book Recommendations
(01:02:08) - Investing in Baskets of Stocks around Larger Themes
(01:05:26) - Learnings from my early years
The contents of this video are for educational and entertainment purposes only, and do not purport to be, and are not intended to be, financial, legal, accounting, tax or investment advice. Investments or strategies that are discussed may not be suitable for you, do not take into account your particular investment objectives, financial situation or needs and are not intended to provide investment advice or recommendations appropriate for you. Before making any investment or trade, consider whether it is suitable for you and consider seeking advice from your own financial or investment adviser.
Prof. Jiang Guohua's Value Investing Course
"Compounding is the 8th Wonder of the World"
(00:00:00) - Introduction
(00:04:19) - Book: One thousand way to make $1000
(00:05:41) - The power of compounding
(00:08:23) - Rule of 72
(00:15:58) - The Wilson Coin Company
(00:24:12) - 3 variables in Compounding
(00:30:20) - Compounding @ 26%
(00:36:45) - Lesson learnt from owning an Insurance company
(00:39:57) - Zero management fees
(00:42:48) - Guy Spier
(00:45:07) - Investment outside US (India & China)
(00:49:54) - Investing in Berkshire Hathaway
(00:51:30) - Change in investment strategy
(00:53:55) - Managing personal assets
(00:56:59) - Finding the true value of a company
(01:07:36) - Stop-losses are dumb
(01:14:48) - My Worst Investment
(01:32:26) - Circle of Competence
(01:38:41) - Conviction
Mohnish Pabrai at the TiE Austin Speaker Series - Investment & Entrepreneurs on August 12, 2022
(00:00:00) - Introduction
(00:02:43) - Non-Venture backed Start-ups
(00:05:06) - Managing Resources for the Start-Up
(00:08:24) - Advantages of beginning as a Part-timer
(00:12:01) - Amar Bhide’s Framework of Entrepreneurship
(00:15:34) - Identifying and Filling Offering Gaps
(00:29:22) - Cloning is the Most Powerful Mental Model
(00:39:16) - Investing in Hyperinflation Economies
(00:45:12) - My Investing Journey
(00:49:42) - The Power of Truth
(00:57:19) - The Dakshana Story
(01:02:48) - Lunch with Buffett
Boston College, Carroll School of Management Presentation, December 3, 2015
Mohnish Pabrai’s Q&A session with the Asian Institute of Technology, Bangkok on August 30, 2022
(00:00:00) - Introduction
(00:02:13) - Rakesh Jhunjhunwala
(00:06:48) - Uber Cannibals
(00:17:49) - Multibaggers
(00:24:07) - Key Traits of Value Investors
(00:29:42) - Great Businesses vs. Great Investments
(00:36:17) - Valuing a business
(00:48:06) - Handling Losses
(00:53:54) - When to Sell a Stock?
(01:00:36) - Investing in China
Mohnish Pabrai's Q&A Session on Value Investing with Narsee Monjee Institute of Management Studies, Mumbai on June 16, 2022.
(00:00:00) - Introduction
(00:02:00) - Approaches to Value Investing
(00:05:07) - The Multibaggers approach
(00:08:54) - McDonald’s 60+ years of compounding
(00:15:50) - Chuck Akre's Three-Legged Stool
(00:16:49) - Global Multibaggers
(00:21:11) - Choose your focus
(00:36:29) - Is Value Investing dead now?
(00:49:18) - Venture Capital Investing vs. Public Equities
(00:54:01) - Passive Index Investing
(01:00:07) - Handling Drawdowns
Mohnish Pabrai's conversation with Lauren Templeton on Zenvesting podcast on July 25, 2022
(00:00:00) - Introduction
(00:01:12) - Women Investors
(00:09:18) - Lunch with Buffett
(00:16:05) - Relationship with Charlie Munger
(00:19:45) - My Journey towards Investing
(00:30:01) - My Introduction to Warren Buffett
(00:33:49) - Handling the Macro-economic Factors
(00:35:50) - Investing in International Markets
(00:45:27) - The Dakshana Story
Distinguished Speaker Series
Applied Fundamental Analysis & Worldly Value Investing
Professor Arvind Navaratnam
(00:00:00) - Introduction
(00:00:40) - The Quest for 10 to 100 Baggars
(00:05:34) - Investment in Satyam Computers
(00:10:31) - Blue Dart
(00:13:28) - Kotak Mahindra Bank
(00:14:19) - CMGI
(00:20:25) - 1st type of 100 baggers – Moody, Coca-Cola, Visa etc.
(00:31:16) - 2nd type of 100 baggers – Amazon, Costco etc
(00:33:34) - 3rd type of 100 baggers – IPSCO, Fiat etc
(00:44:47) - Tesoro Petroleum
(00:50:26) - Frontline
(01:00:23) - Teck Cominco
(01:03:43) - 4th type of 100 baggers
(01:08:41) - 5th type of 100 baggers – Silicon Valley Bank
(01:19:11) - Frontline 2.0
(01:27:10) - Circle of Competence
(01:32:02) - Your inner calling
(01:41:23) - There is no suffering in this world
(01:43:08) - Value is its own catalyst
Mohnish Pabrai's Talk with the CFA Society, Mexico on August 17, 2022
(00:00:00) - Introduction
(00:02:56) - Different Styles of Investing
(00:21:14) - Active Fund Management Industry
(00:24:15) - Value vs Growth
(00:32:55) - Handling Macro-economic Factors
(00:37:50) - The Future of Value Investing
Session with Sandeep Parekh 1st June 2022
(00:00:00) - Introduction
(00:01:37) - The Dakshana Story
(00:06:52) - High risk and high return in philanthropy
(00:09:00) - Cloning the Super 30 model
(00:12:24) - Effect of macro & micro on investing
(00:14:53) - The Dot Com Bubble of 1999-2000
(00:21:24) - Funeral businesses are amazing
(00:27:05) - Shameless Cloning
(00:32:50) - Mis-priced assets
(00:40:19) - Sold too soon! Wise too late!
(00:52:36) - The Power of compounding
(01:04:35) - Investing in India
(01:08:19) - Ben Graham Net Nets
Mohnish delved into many subjects including bullying and how India can become a sports powerhouse.
Q&A Session with the Members of Wall Street South Investment Club
Wilbur O. And Ann Powers College of Business Clemson University
(00:00:00) - Introduction
(00:04:29) - Nick Sleep
(00:10:04) - GameStop
(00:14:58) - Shorting a stock
(00:22:35) - Impact Investing
(00:24:48) - Market Trends
(00:26:15) - Reysas
(00:32:57) - Bitcoin
(00:36:08) - Nick Sleep's letters
(00:41:03) - Investing is ideal for Gentlemen or Ladies of Leisure
May 14, 2019 at London & Irvine, California
(00:00:00) - Introduction
(00:02:18) - The Ten Commandments of Investing
(00:06:13) - My Daily Routine
(00:12:16) - Being a Harsh Grader
(00:19:52) - Exit Strategy
(00:22:03) - Artificial vs. Human Intelligence
(00:26:51) - Stock Buybacks
(00:32:55) - Handling the Financial Crisis
(00:36:21) - Human Reciprocation Tendencies
(00:47:05) - Starting your Own Fund
(00:53:32) - Berkshire Hathaway Annual Meetings
(00:56:12) - Investing as a Career
Mohnish Pabrai gives the keynote speech at the 8th Morningstar Investment Conference in Mumbai, India on October 24, 2018 and discusses the 10 Commandments of Investment Management.
(00:00:00) - Introduction
(00:02:05) - Commandment 1: Thou shall not skim off the top
(00:04:21) - Commandment 2: Thou shall not have an investing team
(00:06:24) - Commandment 3: Thou shall accept that thou shall be wrong at least 1/3rd of the time
(00:07:47) - Commandment 4: Thou shall look for hidden P/E of 1 stocks
(00:09:28) - Rain Industries
(00:11:11) - Commandment 5: Thou shall never use Excel
(00:12:06) - Commandment 6: Thou shall always have a rope to climb out of deepest wells
(00:17:53) - Commandment 7: Thou shall be singularly focused like Arjuna
(00:20:18) - Commandment 8: Thou shall never short
(00:21:43) - Commandment 9: Thou shall not be leveraged. Neither a lender nor a borrower be
(00:23:43) - Commandment 10: Thou shall be shameless cloner
(00:24:08) - Lunch with Buffett
(00:26:41) - Inner scorecard vs. outer scorecard
(00:27:42) - Portfolio concentration
(00:29:21) - Growth vs. value investing
(00:30:56) - Motherson Sumi
(00:31:36) - Invest in growing pies
(00:34:53) - Fee structure
(00:37:24) - Investing in India
(00:39:44) - Poor Charlie's Almanack
In this talk, Mohnish discusses the three basic attributes an investor should possess to effectively beat the odds. 1. Patience 2. Decisiveness and 3.Being different from the crowd.
Mohnish reviews the multiple mental models behind Berkshire’s investment in Coca-Cola. Buffett’s lessons from his See’s Candies investment played a major role in his decision to invest in Coca-Cola.
(00:00:00) - Introduction
(00:03:36) - Traits of successful people
(00:06:52) - How do you make investment?
(00:09:52) - Buffett’s See’s Candies Investment
(00:15:12) - Difference between See’s candies and Coke
(00:18:51) - Long runway of Coke
(00:26:36) - Coca-Cola Model
(00:34:22) - Mental Model on Branding
(00:40:21) - Coke’s Management
(00:48:09) - Mental Model on How Human brains are screwed up
(00:49:54) - What not to do
(00:55:53) - Holy grail of investment
(00:57:05) - What’s a great business?
(00:59:08) - What Mohnish does as value investor
(01:04:07) - Biggest mistake as an investment
(01:06:53) - Indexing investing
(01:08:22) - Key to becoming wealthy
(01:11:49) - Insurance company business
(01:13:15) - Cloning
(01:15:02) - Pabrai Fund Model
(01:16:48) - TransTech
(01:21:14) - Challenge as an investor
(01:24:34) - Dakshana Foundation
(01:27:35) - Portfolio Diversification
(01:29:06) - Cash vs. Opportunities
(01:34:17) - Businesses that Mohnish admire
(01:39:35) - Doing what you love
Distinguished Speaker Series
Applied Fundamental Analysis & Worldly Value investing
Professor Arvind Navaratnam
(00:00:00) - Introduction
(00:01:13) - Bull! A history of boom and bust, 1982-2004
(00:01:32) - The Dow (1896-2020)
(00:10:39) - NASDAQ (1971-2020)
(00:13:23) - Nikkei (1970-2020)
(00:14:30) - Kospi (1980-2020)
(00:15:35) - “Old too soon, wise too late”- Charlie Munger
(00:17:45) - NVR business
(00:19:12) - Nick Sleep
(00:22:50) - Extreme undervaluation to extreme overvaluation
(00:23:42) - Great compounder or great carnival
(00:25:54) - Investing failures
(00:26:44) - Valueing a company
(00:32:00) - Retails
(00:40:42) - Where to start?
(00:46:41) - Managing portfolio during pandemic
(00:50:09) - Value investing is not dead
(00:51:07) - Optionality in a business
(00:55:08) - Long runway
(00:57:30) - Identifying moats
(01:00:48) - Opportunity cost
(01:05:00) - Shameless Cloning
(01:09:02) - Pre-investment checklist
(01:11:48) - Investment in IPSCO and Turkey
(01:15:57) - Kelly formula
(01:19:41) - Quality of management team
(01:22:29) - Advise for students
Mohnish Pabrai's session with EO Gurgaon on January 10, 2023
(00:00:00) - Introduction
(00:04:15) - I'm a better investor because I'm a businessman. I'm a better businessman because I'm an investor
(00:05:00) - Capitalism is creative destruction
(00:08:40) - Earnings reinvestment framework
(00:10:58) - The importance of Spawning
(00:13:07) - Control is over-rated
(00:16:50) - From entrepreneur to investor
(00:33:30) - Patel Motel Dhandho
(00:40:42) - Book: Roy Thomson of Fleet Street; Trilogy
(00:41:33) - Reysas
(00:50:18) - Investment Shortcuts; cloning
(00:52:35) - IIFL Wealth Management; Kotak
(00:54:01) - The S&P 500 is a great choice
(00:57:54) - Rakesh Jhunjhunwala
(00:59:35) - Poor Charlie’s Almanack
(01:07:39) - Mohnish’s Owners Manual by Jack Skeen (JackSkeen.com)
University of Oxford
Sponsored by the Oxford Alpha Fund
October 19, 2021
(00:00:00) - Introduction
(00:01:08) - Dhandho, Patels & Motels
(00:08:25) - Capitalism is Brutal (Peter Theil)
(00:10:42) - Business Monopolies
(00:17:51) - Reysaş in Turkey
(00:24:00) - Shorting
(00:27:51) - Managing one’s own psychology
(00:32:40) - Inner and outer scorecards
(00:35:14) - Meeting Warren Buffett
(00:43:33) - Old too soon wise too late – Charlie Munger
(00:49:56) - Cloning
Distinguished Speaker Series
Applied Fundamental Analysis & Worldly Value Investing
Professor Arvind Navaratnam
(00:00:00) - Introduction
(00:02:41) - Compounding is the 8th wonder of world
(00:14:12) - Wilson’s Coin Operated Company
(00:22:02) - Warren’s obsession about compounding
(00:24:38) - Rule of 72
(00:32:18) - Mr. Money Mustache
(00:34:28) - Rate of compounding
(00:39:09) - Compound 26%
(00:46:22) - Mindless Cloning
(00:54:11) - Comparative advantage of a Hedge fund
(01:00:55) - Portfolio Management
(01:06:50) - Kelly formula
(01:08:59) - Thou shall not forecast recession
(01:16:23) - Best source of ideas
(01:20:11) - Market trends and Passive investing
(01:26:53) - Doing the best job as a manager
(01:33:51) - Insurance business
(01:34:51) - Entrepreneur’s Advantage
(01:37:44) - Investing in Commodity Businesses
(01:42:33) - Technology and Investment
(01:43:45) - Insights on Charlie Munger
(01:48:47) - Difference in profit and non-profit world; Dakshana Foundation
(01:52:47) - Advantage of being Part-time Investor
Doctors Investing Group Interviewer: Tom Dittrich February 16, 2022
(00:00:00) - Introduction
(00:01:31) - From Entrepreneur to Investor
(00:06:30) - Value Investing
(00:09:05) - Learning to find true value of a business
(00:12:32) - Diversified vs. Concentrated Portfolio
(00:14:54) - Shameless Cloning
(00:17:46) - Business with spawning DNA
(00:25:23) - Effect of macro events on investing
(00:39:51) - Investing in foreign markets
(00:44:41) - Auction driven markets
(00:50:45) - Free Lunch Portfolio
(00:52:11) - Dakshana Foundation
Professor Jiang Guohua’s Students
“Compounding with the Spawners”
(00:00:00) - Introduction
(00:04:41) - Choices for an investor
(00:09:58) - The Path to Multi-Baggers
(00:13:35) - Spawners
(00:30:40) - The $50 Billion Rule
(00:33:57) - Pabrai Spawning rules
(00:36:46) - Set it and forget it
(00:42:58) - Conglomerates vs. Spawners in Emerging Markets
(00:43:52) - Fake Spawners
(01:06:27) - Core traits of Spawners
(01:19:12) - CMGI
(01:22:54) - When wealth is lost
(01:25:24) - Costco; Seritage
(01:29:18) - Entrepreneur’s Advantage
(01:33:07) - Leverage and Debt
Mohnish Pabrai's Presentation and Q&A with students at the Boston College on October 27, 2022
(00:00:00) - Introduction
(00:02:31) - The Uber Cannibals Investing Framework
(00:27:45) - Henry Singleton - The ultimate Uber Cannibal
(00:37:10) - The magic of buybacks
(00:44:03) - Investing in a high interest rate environment
(00:47:12) - Rules for philanthropy vs. capitalism
(01:02:30) - Figuring out intrinsic value
(01:10:23) - Creative destruction in capitalism
(01:18:24) - Mental models
(01:22:41) - Active vs. Passive Investment Management
(01:26:08) - Investing in global markets
(01:44:22) - Advice for students
NUS MBA Finance Club, NUS Business School January 19, 2022
(00:00:00) - Introduction
(00:02:43) - Captive Finance Company
(00:13:38) - Funeral Business
(00:22:49) - Investment in IPSCO
(00:26:53) - High Uncertainty, Low risk; High returns
(00:27:32) - Silicon Valley Bank
(00:34:46) - Power of compounding
(00:36:01) - Value investing is not dead
(00:38:30) - Investing as treasure hunt
(00:42:58) - Lessons from Warren Buffett
(00:45:43) - Investment in Alibaba and China
(00:48:28) - Chuck Akre; 3-legged stool
William & Mary College
October 26, 2021
(00:00:00) - Introduction
(00:02:16) - Learnings from Charlie Munger
(00:02:50) - Avoiding Self-pity
(00:07:12) - Investing 101
(00:08:31) - Buffett’s investing punch card
(00:15:07) - Circle of competence
(00:16:06) - Recruiting
(00:18:35) - Learning from mistakes
(00:21:41) - Startup Tips
(00:23:55) - Leverage
(00:25:40) - Adventures with Tech Cominco
(00:36:01) - DCF Models
(00:39:45) - Investment 102
(00:42:18) - Stonetrust Insurance
(00:47:09) - Dakshana Foundation
(00:49:59) - Philanthropy, high risk and return
Mohnish Pabrai meets with members of the UCLA Student Investment Fund at the UCLA Anderson School of Management.
(00:00:00) - Introduction
(00:01:41) - Starting of Pabrai Funds
(00:12:43) - Change in Investment Philosophy over time
(00:31:18) - Sell-side research
(00:36:35) - Inner and Outer Map
Knowledge Speakers Series
May 12, 2021
(00:00:00) - Introduction
(00:04:03) - Value vs Growth Investing
(00:29:23) - Investments in India
(00:38:25) - Learnings from Warren Buffett and Charlie Munger
(00:43:19) - Dakshana Foundation
(00:48:18) - Impact of COVID on businesses
(00:52:03) - Indian hotels business
(00:56:28) - What’s a great business?
(00:58:17) - How to select Best Value Proposition?
(01:07:58) - Unicorns in India
(01:12:57) - Mohnish’s schedule
(01:17:31) - Death and Rebirth business
(01:23:03) - India’s growth and market
Distinguished Speaker Series
Professor Arvind Navaratnam
October 14, 2021
(00:00:00) - Introduction
(00:02:04) - Competition is For Losers, Peter Thiel
(00:08:25) - Rain Industries
(00:12:39) - Monopolistic business models, Amazon and Google
(00:17:14) - Redoing the Spaghetti code, AWS in business
(00:19:09) - A Whale only gets harpooned only when it surfaces, Warren Buffett
(00:20:00) - AWS, cloning by Microsoft and Google
(00:24:15) - Monopolistic characteristics of giant Chinese tech companies
(00:28:19) - Tencent (under)reporting style
(00:30:24) - Naspers business model, Koos Bekker
(00:40:58) - Better capital allocation by Amazon and Tencent
(00:43:37) - Tencent business model
(00:50:24) - The bazooka Model of Pony Ma
(00:57:33) - How I became a value investor
(01:02:22) - Chinese tech giants and political risk
(01:03:16) - Dakshana Foundation’s Education Model
(01:09:01) - Evolution of my investing style
(01:12:58) - Mohnish’s investing framework on start-ups
(01:17:31) - Ali Baba
(01:23:18) - Competence and edge
(01:24:54) - Change in Investment strategy due to Covid
(01:37:50) - Application of NLP (Natural Language Processing) in investing
(01:45:10) - Up and comers in the investment sector
(01:47:40) - Quality of Management
(01:50:29) - Book recommendations
Ramesh Damani (Chairman of Avenue Supermarts) and Mohnish Pabrai’s Q&A session with Millennium Mams.’ Millennium Mams' is a Kolkata-based non-profit organization dedicated to empowering women through financial literacy.
(00:00:00) - Introduction
(00:09:32) - Economic recovery post-Pandemic
(00:15:30) - My Heroes in Life
(00:23:28) - Learnings from Buffett and Munger
(00:27:48) - Li Lu’s Journey
(00:35:48) - US-China Trade War
(00:41:40) - Will India benefit from the US-China Trade War?
(00:52:55) - Investment Opportunities post-COVID
(00:59:52) - Gold as an Investment Asset
(01:03:36) - Cryptocurrencies
(01:13:52) - Book Recommendations
(01:16:14) - Charity Lunch with Buffett
This event was sponsored by the LBS Investment Management Club and the LBS Indian Students Club
(00:00:00) - Introduction
(00:02:47) - Changes in our Economy post-COVID
(00:08:21) - Entrepreneur’s Advantage
(00:15:11) - Advise to New Investors
(00:19:37) - Inner Scorecard
(00:24:09) - Evaluating Management
(00:30:42) - Investment in Graftech
(00:38:56) - Portfolio Construction
(00:43:46) - Mumbai Real Estate
(00:49:27) - Impact of Exchange Rate on Investments
(00:52:51) - Learnings from Nick Sleep
University of Georgia
Host: Charlie Warren Oberman
November 18, 2021
(00:00:00) - Introduction
(00:02:06) - Buffett: when he has his first stock tip, call me collect
(00:03:47) - Relationship with Warren Buffett and Charlie Munger
(00:12:41) - Circle of competence
(00:15:16) - Sources for Investment Ideas
(00:17:08) - Handling Underperformance
(00:18:49) - Leverage in Businesses
(00:23:05) - Micro vs. Macro
(00:24:21) - Avoiding Confirmation Bias
(00:25:51) - Identifying Moats
(00:29:00) - Evaluating Management
(00:30:16) - Investing as a Profession
(00:32:15) - Entrepreneur’s Advantage
(00:33:49) - Zero Fee Structure
(00:35:42) - Pre-investment checklist
(00:39:12) - Lessons from Failures
(00:44:14) - Calculating Intrinsic Value
(00:48:03) - Shameless Cloning
(00:49:42) - Long-term compounders
Mohnish Pabrai speaks at the HBS Investment Conference on Sunday, April 3, 2022. It’s an hour-long fireside chat moderated by an HBS professor. The Investment Conference is one of the biggest conferences arranged by HBS students each year. It is attended by 400+ students across MBA programs who have a background or interest in the investment management industry.
(00:00:00) - Introduction
(00:04:12) - Ben Graham; Warren Buffett’s teacher
(00:10:10) - All intelligent investing is Value Investing
(00:13:51) - Holding above intrinsic value
(00:19:43) - Micro vs. Marco in Turkish economy
(00:25:29) - Macro events affecting US economy
(00:34:58) - Investment checklist
(00:39:46) - Investing in Seritage
(00:43:00) - Shameless Cloning
(00:47:55) - New Fund Managers
Distinguished Speaker Series
Applied Fundamental Analysis & Worldly Value investing
Professor Arvind Navaratnam
(00:00:00) - Introduction
(00:02:13) - Thou shall not skim off the top
(00:04:11) - Thou shall not have an investing team
(00:05:20) - Thou shall accept that thou shall be wrong at least 1/3 of the time
(00:07:06) - Thou shall look for hidden P/E of 1 stocks
(00:13:13) - Thou shall never use Excel
(00:21:21) - Thou shall always hope a rope to climb out of the deepest well
(00:27:43) - Thou shall be singularly focused like Arjuna
(00:31:32) - Thou shall never short
(00:32:50) - Thou shall not be leveraged. Neither a lender nor a borrower be
(00:36:28) - Thou shall be shameless cloner
(00:37:12) - Where to look for investment ideas
(00:40:51) - Temperament during financial crises
(00:43:53) - Always have a rope on hand
(00:49:07) - Investment in Google
(00:52:12) - Judging Management Teams & Satyam Scam
(00:55:28) - Sergio Marchionne
(01:00:36) - Currency risk in international markets
(01:07:52) - Investing in Distressed companies
(01:09:33) - Competitive Moats that turn out to be an illusion
(01:16:02) - Kelly formula
(01:17:17) - Circle of Competence
(01:19:30) - Shameless Cloning
(01:20:04) - Zero Fee Structure
(01:24:03) - Investing in Protected Moats
(01:26:41) - When to sell an investment
(01:30:39) - Personal trails that contribute to a manager’s success
Few Bets. Big Bets. Infrequent Bets.
In his talk at the University of California at Irvine’s Paul Merage School of Business, Mohnish discusses five decisions by Warren Buffett and Charlie Munger over a 20-year period (1968 – 1988) that moved the needle for Berkshire. Mohnish also talks about some of the intense difficulties that Warren Buffett and Charlie Munger faced along the way. No pain, no gain!
(00:00:00) - Introduction
(00:02:16) - S & H Green Stamps
(00:04:02) - Blue Chip Stamps
(00:09:44) - Diversified Retailing
(00:11:03) - See’s Candy
(00:11:56) - Buffalo News
(00:14:30) - Wesco Financial and Freddie Mac
(00:18:08) - Wheeler Munger Partnership
(00:23:03) - Tenneco Stock
(00:26:30) - Difference in Pabrai Funds and Dhandho
(00:28:14) - Patience is like law of physics in investment
(00:31:16) - Few Bets, Big Bets, Infrequent Bets
(00:42:28) - Compounding is the 8th wonder of the world
(00:43:33) - Investing is for those who love to watch paint dry
(00:46:43) - Time spent on analysing a company’s product and services
(00:50:52) - Philanthropic efforts; Dakshana Foundation
(00:55:00) - Principles of value investing on diversified businesses
(00:58:36) - Portfolio Diversification
(01:01:03) - Work life balance
(01:04:07) - Mental Models
(01:07:44) - Investment in Chinese market and Circle of competence
(01:09:46) - High uncertainty and high risk
(01:16:55) - Extreme patience with extreme decisiveness
(01:18:25) - How to network to get investment ideas
(01:21:55) - Leverage
(01:29:16) - Auto insurance
(01:38:05) - South Korea market
Mohnish Pabrai’s Q&A Session with Students at Indiana Univ. Kelley School of Business –April 1, 2021
(00:00:00) - Introduction
(00:04:31) - Investment checklist
(00:08:18) - Circle of competence
(00:11:08) - Shipping Industry
(00:21:56) - Portfolio Management
(00:23:35) - US Markets vs. Other markets
(00:25:38) - Short selling
(00:29:24) - Research process
(00:30:42) - Holding a stock
(00:33:10) - Cinches, Feet on the desk and awesome destinations
(00:41:33) - Pre-investment checklist
(00:43:19) - Kelly formula
(00:45:04) - Scenario analysis
(00:46:28) - Hurdle rate
(00:47:48) - Philanthropic initiative; Dakshana Foundation
(00:51:41) - When wealth is lost
(00:54:14) - Best trait of an investor; Patience
(00:56:12) - Lunch with Warren Buffett
(00:58:43) - Starting of Pabrai Funds
(01:01:49) - Investment Strategy
(01:02:35) - Learning from mistakes
(01:04:17) - Career Advice
Professor Anuroop Duggal’s Value Investing Class
Columbia Business School
Columbia University
(00:00:00) - Introduction
(00:03:46) - Laws of investing
(00:06:24) - Following Warren Buffett
(00:07:39) - Finding long term compounders
(00:09:05) - Early-stage businesses
(00:13:54) - 10 bagger business ideas
(00:17:30) - Copart: From Junk to Gold
(00:28:04) - Uber Cannibals
(00:33:13) - Investing is a game of probability
(00:36:43) - Ollies’ business model
(00:40:28) - Relationship with other investors
(00:47:38) - Marginal safety
(00:51:42) - My 401k plan
(00:54:35) - Businesses are fragile
(00:57:08) - Dakshana Foundation
Business Analysis and Valuation Course Professor Andrew Sandoe, Harvard University April 7, 2020
(00:00:00) - Introduction
(00:04:40) - Purchase of Stonetrust Insurance
(00:8:30) - Insurance Business Model
(00:11:05) - Sale of Stonetrust Insurance
(00:22:47) - Valuing an Insurance company
(00:25:12) - Being a harsh grader
(00:30:40) - Circle of Competence
(00:42:03) - Start early with investing
(00:55:48) - Improving your Circle of Competence
(01:02:58) - Learnings from investment mistakes
(01:09:54) - Value Investment Categories
(01:29:16) - Probability estimation for outcomes
(01:34:28) - Philip Fisher’s Scuttlebutt method
(01:37:10) - Munger’s advice on sharing Investment ideas
(01:42:20) - Human response to Economy
The Wall Street Lab Podcast
Interviewer: Andreas von Hirschhausen
January 5, 2022
(00:00:00) - Introduction
(00:01:07) - Dhandho meaning
(00:02:22) - The story of Patels
(00:04:50) - Mohnish’s Journey as an Investor
(00:09:55) - Difference between Great Compounder and Growth Stock
(00:13:09) - Studying Businesses
(00:22:25) - Learning from mistakes
(00:28:35) - Chinese Market and Investment
(00:32:02) - Venture Capital Business
(00:37:21) - Value Investing
(00:40:42) - Investor should be like watching paint dry
(00:45:40) - Deepest Desire is your Destiny
Mohnish Pabrai's Speaker Event with Helvetian Investment Club at St. Gallen University on November 29, 2022
(00:00:00) - Introduction
(00:01:30) - Satyam Computer Services
(00:08:01) - Asymmetry mental model
(00:16:29) - Thou shall not have an investing team
(00:18:46) - Asymmetry mental model Part 2
(00:20:34) - Equities vs. other asset classes
(00:23:30) - Asymmetry mental model Part 3
(00:32:40) - Power vs. Force
(00:35:50) - Present education system
(00:39:20) - Rakesh Jhunjhunwala's journey
(00:41:22) - Jack Nicholson: "You can't handle the truth"
(00:42:07) - Walton Family & their Walmart ownership
(00:42:38) - Amazon
(00:43:24) - Crisil
(00:47:36) - Career advice in investing
(00:51:31) - Don’t try to learn too much from your mistakes
Mohnish Pabrai's Talk with UNC Kenan-Flagler School's Investment Management Club on Dec 5, 2022
(00:00:00) - Introduction
(00:05:47) - Selecting an investing manager
(00:09:03) - Rain Industries
(00:12:01) - You need a rope to get out of deep wells
(00:14:33) - Investing in Türkiye
(00:18:33) - Active vs passive investing
(00:24:18) - Reysas
(00:26:49) - Let fundamentals instruct us, not stock price
(00:29:46) - Pre-Investment checklist
(00:31:26) - IBM
(00:36:12) - Alternative investments
(00:39:06) - Due diligence in emerging markets
(00:42:16) - Approach to philanthropy
(00:46:31) - Value vs. Growth investing
Q&A Session: Mohnish Pabrai and Francis Chou Business Analysis and Valuation Course Professor Andrew Sandoe, Harvard University
(00:00:00) - Introduction
(00:05:48) - Purchase of Stonetrust Insurance
(00:10:44) - Insurance Business Model
(00:13:53) - Sale of Stonetrust Insurance
(00:28:16) - Valuing an Insurance company
(00:31:18) - Being a harsh grader
(00:38:16) - Circle of Competence
(00:52:46) - Start early with investing
(01:09:47) - Improving your Circle of Competence
(01:18:18) - Learnings from investment mistakes
(01:27:23) - Value Investment Categories
(01:50:43) - Probability estimation for outcomes
(01:56:46) - Philip Fisher’s Scuttlebutt method
(01:59:50) - Munger’s advice on sharing Investment ideas
(02:06:06) - Human response to Economy
Mohnish delved into how to fight corruption in India; Why is India poor? Etc.
Sales/Marketing Reading Materials Referenced in Mohnish’s Presentation
1. Marketing High Technology by William Davidow
2. Power vs. Force by David Hawkins
3. Strategic Selling by Miller/Heiman
4. Conceptual Selling by Miller/Heiman
5. Successful Large Account Management by Miller/Heiman
6. The Origin and Evolution of New Businesses by Amar Bhide
7. Inc. Magazine Subscription
9. In Search of Excellence by Tom Peters
8. Ogilvy on Advertising by David Ogilvy
May 1, 2019 at Irvine, California
Professor Jiang Guohua’s Students
“Great Businesses vs. Great Investments”
(00:00:00) - Introduction
(00:04:20) - Cloning
(00:07:42) - Great Businesses vs. Great Investments
(00:09:07) - Mastercard vs. Sunteck Realty
(00:22:55) - Motherson Sumi vs. Rain Industries
(00:36:32) - Warren Buffett's Coke Investment
(00:39:04) - Rain Industries
(00:50:42) - Rain Industries
(00:55:58) - Motherson Sumi
Distinguished Speaker Series
Applied Fundamental Analysis & Worldly Value investing
Professor Arvind Navaratnam
(00:00:00) - Introduction
(00:01:30) - GrafTech
(00:13:00) - Quality compounders
(00:25:10) - Heads I win, tails I don’t lose much
(00:31:42) - Passionate about investing
(00:34:00) - Past mistakes
(00:40:48) - Finding right balance
(00:45:25) - Why should it be easy to get rich?
(00:48:39) - Quality of management team
(00:56:00) - Investing in Turkey
(01:01:57) - Balancing price and business quality
(01:04:34) - Expanding circle of competence
(01:09:10) - Portfolio vs. new opportunities
(01:14:15) - Book recommendation
