Mohnish Pabrai, an investing guru and close friend of legends like Charlie Munger and Warren Buffett, discusses his insightful journey in investing and philanthropy. He shares lessons from his 14-year friendship with Charlie, emphasizing continuous learning and the importance of humility. Mohnish reveals how ethical behavior gives investors a competitive edge and reflects on personal growth in service to others. He also touches on parenting and the transformative power of vulnerability in building meaningful connections.
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question_answer ANECDOTE
Introduction to Munger
Warren Buffett introduced Mohnish Pabrai to Charlie Munger after a charity lunch.
Munger and Pabrai bonded over lunch, discussing Pabrai's portfolio and Munger's disapproval of Sears Holdings.
question_answer ANECDOTE
Learning by Observing
Mohnish Pabrai learned from observing Charlie Munger's habits, like his voracious reading.
Munger devours books on diverse topics, from global warming to presidential history, at an astonishing pace.
question_answer ANECDOTE
The Widow and the Mistress
Charlie Munger and Rick Guerin once bought a company's debt, effectively controlling it.
They navigated a complex situation involving the deceased owner's widow and mistress to acquire the business.
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In this book, Guy Spier narrates his early career struggles in investment banking on Wall Street and his transformation into a value investor. The book covers his experiences working at D.H. Blair, his education at Oxford and Harvard Business School, and the significant influences of Warren Buffett and Charlie Munger on his investment philosophy. It also emphasizes the importance of authenticity, continuous learning, and ethical considerations in investing. The book has been translated into several languages and has sold over 175,000 copies in English.
Richer, Wiser, Happier
How the World's Greatest Investors Win in Markets and Life
William Green
In Richer, Wiser, Happier, William Green draws on interviews conducted over twenty-five years with many of the world’s greatest investors. The book highlights that the most successful investors are mavericks and iconoclasts who question conventional wisdom and think rationally, rigorously, and objectively. They maximize their odds of long-term success in markets and life by drawing insights from diverse fields such as neuroscience, economic history, psychology, philosophy, and more. Green explains how these investors can teach us not only how to become rich but also how to improve our thinking, decision-making, risk assessment, and resilience, and how to turn uncertainty to our advantage.
Power Vs. Force
The Hidden Determinants of Human Behavior
David R. Hawkins
In 'Power vs. Force,' David R. Hawkins explores the nature of true power and force, arguing that power is whole, positive, and wholesome, while force is partial, selfish, and negative. The book introduces a hierarchical scale of consciousness, ranging from 1 to 1000, where levels below 200 are considered negative and those above 200 are positive. Hawkins uses concepts from particle physics, nonlinear dynamics, and chaos theory, as well as Applied Kinesiology, to support his research. The book is divided into three parts, discussing the process of achieving one’s ultimate potential, the distinction between power and force in various aspects of life, and the evolution of human consciousness. It emphasizes the importance of integrity, understanding, and compassion in enhancing one’s level of consciousness and leading a more fulfilling life[1][3][4].
Letting Go
David Hawkins
The eye of the I
David R. Hawkins
This book describes and explains advanced states of consciousness and the way to spiritual enlightenment. It includes dialogues with spiritual students and provides a scientifically grounded approach to spiritual reality. The book is part of a trilogy that began with 'Power vs. Force' and is followed by 'I: Reality and Subjectivity'.
The Dhandho Investor
Mohnish Pabrai
The Dhandho Investor presents a powerful framework for value investing, drawing from the principles of Benjamin Graham, Warren Buffett, and Charlie Munger. It emphasizes strategies like buying existing businesses at discounted prices, investing in simple industries, and leveraging arbitrage opportunities. The book offers practical advice on achieving high returns with minimal risk through a disciplined investment approach.
IN THIS EPISODE, YOU’LL LEARN
00:02:41 - How an introduction from Warren Buffett led to Mohnish’s friendship with Charlie Munger.
00:04:46 - What it’s been like to hang out with Charlie over the last 14 years.
00:15:45 - How Warren and Charlie have succeeded by being voracious “learning machines.”
00:18:59 - How Warren and Charlie differ from each other as investors.
00:22:12 - How Charlie figured out that Li Lu would be one of the greatest investors of our time.
00:42:34 - Why it’s helpful to know that even the best investors are wrong a third or half of the time.
00:43:18 - How a checklist and other “circuit breakers” can help you to reduce your error rate.
01:00:53 - Why Mohnish and Charlie believe it’s a huge competitive advantage to be ethical.
01:03:56 - How Mohnish decides whether or not to build a relationship with someone.
01:12:55 - How he’s changed, becoming more committed to serving others as selflessly as possible.
01:15:19 - What Mohnish figured out about how to parent his daughters.
01:24:01 - How the power principles he learned from David Hawkins have changed his life.
01:25:16 - Why it’s so valuable to be candid and to “bare your soul.”
01:39:52 - Where Mohnish wants his ashes to be scattered after he dies.
*Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences.
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