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Mohnish Pabrai's Session at The Investor’s Podcast on April 1, 2024
(00:00:00) - Introduction
(00:01:44) - TransTech
(00:03:39) - Managing other people’s money
(00:08:54) - My journey in investing
(00:11:51) - The happiness equation
(00:17:12) - Learnings from Buffett; Be a harsh grader
(00:22:06) - The importance of truth and candor
(00:24:06) - Bridge vs. Poker
(00:28:59) - Infinite games
(00:30:56) - McDonalds
(00:34:02) - Boeing
(00:36:12) - Processing information from books
(00:40:24) - Pabrai Fund's track record
(00:45:25) - The game of investing
(00:49:20) - The Dakshana Foundation; Philanthropy
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 Session with Massachusetts Institute of Technology's Brass Rat Investments on March 12, 2024
(00:00:00) - Introduction
(00:02:03) - Berkshire's 12 great decisions in 58 years
(00:05:06) - See's Candies vs. Coke
(00:11:55) - Burlington Northern Santa Fe Railroad
(00:16:54) - The Intrinsic value of a stock
(00:20:52) - Learnings from Charlie Munger
(00:27:24) - The Dakshana Foundation
(00:33:17) - Sergio Marchionne: Fiat Chrysler
(00:38:59) - Identifying investment opportunities
(00:47:35) - Finding Anomalies; Seinfeld: Is this anything?
(00:52:56) - Investing in Turkey; Coca-Cola Icecek
(00:56:28) - A day in my life
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. -
Saknas det avsnitt?
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Mohnish Pabrai's Q&A session with students at the JNV Kottayam on December 21, 2023.
(00:00:00) - Introduction
(00:01:53) - Dakshana scholar: T Ashok Kumar
(00:10:49) - The Dakshana model
(00:21:17) - Rule of 72
(00:26:05) - Cloning Super 30; Anand Kumar
(00:35:05) - Giving back to society
(00:37:34) - Be a harsh grader
(00:45:15) - Inner scorecard vs. Outer scorecard
(00:48:18) - My educational journey
(00:51:25) - My entrepreneurial journey
(00:53:35) - Dakshana's objectives
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 with students at the JNV Bangalore (Rural) on December 24, 2023.
(00:00:00) - Introduction
(00:01:09) - Introduction to Buffett and Power of compounding
(00:03:55) - Rule of 72
(00:13:38) - Overcoming challenges at Dakshana
(00:21:20) - Caste reservation vs. Income based system
(00:30:24) - Handling the global financial crisis
(00:34:08) - Cloning is a powerful mental model
(00:37:27) - My educational journey
(00:40:31) - My introduction to investing; Peter Lynch
(00:42:17) - Reysas
(00:46:47) - Work preferences
(00:50:03) - Find your calling in lifeThe 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.
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Mohnish Pabrai’s session with YPO’s Mosaic Chapter on March 20, 2024.
(00:00:00) - Introduction
(00:02:05) - Friendship with Charlie Munger
(00:04:22) - Tom Peters; Humans aren’t good cloners
(00:07:39) - Microsoft
(00:09:24) - Berkshire's investment in See's Candies
(00:11:18) - Charlie was Ben Franklin reincarnated!
(00:16:56) - Charlie's influence over Warren Buffett
(00:21:14) - Charlie's mental models; Human reciprocation theory
(00:27:40) - Investment discussions with Charlie
(00:31:37) - Adam Grant: Give and Take
(00:39:50) - Lifetime ban at an LA casino
(00:44:07) - Poor Charlie's Almanack
(00:46:35) - Charlie's inheritance
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 Session with Columbia Business School (CSIMA) on February 14, 2024.
(00:00:00) - Introduction
(00:01:28) - Berkshire's 12 great decisions
(00:04:52) - Burlington Northern Railways
(00:07:49) - See’s Candies: Berkshire’s big home run!
(00:12:48) - Evolution of my investment philosophy
(00:16:04) - Berkshire without Charlie
(00:20:06) - Be a harsh grader
(00:21:49) - Auto dealership business; OEMs vs. EVs
(00:25:38) - Evaluating a business
(00:28:50) - Met-coal
(00:31:18) - IPSCO vs. CONSOL
(00:39:06) - Circle of competence
(00:41:08) - Diversification of portfolio
(00:44:12) - Start your journey early
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 Session at the SumZero Virtual Investor Summit 2024 on February 8, 2024.
(00:00:00) - Introduction
(00:01:05) - Meta
(00:03:59) - Google vs. Microsoft
(00:08:17) - Dinner with Bill Gates
(00:12:30) - TAV Airport
(00:20:23) - Investing in coal; David Einhorn
(00:25:23) - Auto OEMs
(00:27:15) - Reysas
(00:30:14) - 20% Office Vacancy Rate! A 45-year high!
(00:33:32) - Macroeconomic factors
(00:36:58) - Charlie Munger; 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 Q&A with Value Education Society at London School of Economics on January 30, 2024.
(00:00:00) - Introduction
(00:01:59) - Seinfeld: Is this anything?
(00:04:26) - The Dhandho Investor
(00:05:34) - Ferrari: Sold too soon
(00:06:46) - Evaluating management; Fiat Chrysler
(00:11:48) - Stellantis: Carlos Tavares
(00:12:50) - Elon Musk vs. Chuanfu Wang
(00:16:27) - Learnings from Charlie Munger
(00:20:11) - Be a shameless cloner
(00:24:46) - My process of evaluating a business
(00:26:41) - Advice to students
(00:30:09) - Auction-driven markets: Microsoft
(00:34:59) - Pabrai Investment Funds
(00:38:34) - When to sell a stock
(00:41:37) - Ferrari: A rich man's expression of wealth
(00:43:37) - AI in investing
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 Presentation and Q&A at FLAME University on December 25, 2023.
(00:00:00) - Introduction
(00:04:52) - Coca-Cola Icecek vs. Varun Beverages
(00:05:45) - Varun Beverages
(00:12:47) - Anadolu Efes & Coca-Cola Icecek
(00:28:07) - Investing in Turkiye
(00:33:02) - Reysas
(00:44:01) - Valuations matter - Microsoft (1999-2015) & Coca-Cola (1998-2011)
(00:49:30) - Thou shall not have an investing team
(00:54:08) - Portfolio sizing
(00:55:31) - TAV Airports
(01:03:28) - Investing in China
(01:05:49) - Selling a stock; Varun Beverages
(01:07:56) - Dividends: EFES
(01:09:03) - Currency risk with Coca-Cola Icecek
(01:11:47) - Evaluation of a business
(01:16:23) - Dakshana
(01:24:15) - Macro-economic factors in Turkey
(01:29:05) - Fiat Chrysler
(01:30:56) - Ferrari: The most Incredible Moat
(01:42:49) - Investing in global markets
(01:45:22) - Friendship with Charlie and Warren
(02:02:24) - Rick Guerin
(02:16:52) - Nick SleepThe 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.
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Mohnish Pabrai's Interview at Morningstar, The Investor's Mind on December 1, 2023.
(00:00:00) - Introduction
(00:02:52) - Lunch with Buffett; Be a harsh grader
(00:07:42) - Impact of personal experiences in investing
(00:11:44) - Handling the global financial crisis
(00:15:45) - Breaking Bread with Charlie Munger
(00:19:25) - 2009 Financial Crisis
(00:22:51) - The inner vs the outer scorecard
(00:24:44) - Leading an aligned life
(00:28:04) - Playing BridgeThe 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.
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Mohnish Pabrai's Q&A at Oxford University - Oxford Alpha Fund on November 21, 2023.
(00:00:00) - Introduction
(00:00:49) - My introduction to investing
(00:04:29) - Circle of competence; John Arrillaga
(00:08:14) - Nick Sleep
(00:10:22) - Learning from mistakes
(00:14:53) - Assessing management team
(00:17:01) - Transdigm
(00:21:15) - Japanese markets
(00:25:19) - Uncertainties in investing
(00:27:36) - Autonomy for investment managers
(00:31:49) - UGMA: A great gift from Congress!
(00:34:03) - The Dakshana Foundation
(00:37:41) - Returns from philanthropic investments
(00:46:02) - Akshaya Patra Foundation
(00:51:59) - Advice to students
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 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 ClubThe 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.
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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) - MicronThe 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.
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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 - Visa fler
