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Mohnish Pabrai's Presentation and Q&A at the University of Nebraska, Omaha on May 5 2023
Chai with Pabrai
The Power of Price Discipline
In 1972, just before the great crash of 73, 74, these companies were trading at crazy numbers. Xerox fell 71% in the next two years and A1 fell 86%. Polaroid fell 91% and eventually they all went to zero. And the nifty 50 as a group lost half its value in that 73, 74 period. But even if you bought the nifty 50 in 1972 at those absolutely peak valuations without Walmart in the picture, from then till now is 10.2% annualized. It's just 0.1% a year below the S&P. Even with no outlier like Walmart, you almost go toe-to-toe with the S&p.
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