Intro

This chapter explores the key investment principles outlined by a renowned investor in their book, emphasizing the value of simple, everyday businesses in building wealth. It also traces the evolution of their investment philosophy and provides actionable insights for investors at any stage of their journey.

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On today’s episode, Kyle Grieve dives deep into Mohnish Pabrai’s The Dhandho Investor, unpacking its nine core principles through vivid case studies and personal reflections to help investors embrace simplicity, asymmetric bets, and the power of cloning proven ideas.

IN THIS EPISODE YOU’LL LEARN:

00:00 - Intro

03:34 - Why buying an existing business can be a smarter path than starting one from scratch.

11:32 - Profiting from businesses with short-term earnings visibility—and why it matters.

13:07 - The enduring strength and clarity of simple business models.

17:39 - How distressed businesses in troubled industries can become goldmines.

31:46 - Why hidden moats often offer the biggest edge—and how to spot them.

38:08 - The case for concentration: how fewer bets can lead to outsized returns.

50:28 - What modeling Costco reveals about risk, value, and margin of safety.

55:13 - The counterintuitive appeal of low-risk, high-uncertainty investments.

59:13 - How to use the cloning principle to shortcut your search for winners.

01:02:09 - Why your sell strategy should evolve with the quality of the business you own.

And so much more!

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

BOOKS AND RESOURCES

Join Clay and a select group of passionate value investors for a retreat in Big Sky, Montana. Learn more here.
Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members.
Read The Dhando Investor here.
Read The Intelligent Investor by Benjamin Graham here.
Read Richer, Wiser, Happier by William Green here.
Read The Little Book That Beats the Market by Joel Greenblatt here.
Follow Kyle on X and LinkedIn.
Check out all the books mentioned and discussed in our podcast episodes here.
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