Mohnish Pabrai's Session at The Investor’s Podcast on April 1, 2024
May 15, 2024
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Mohnish Pabrai, a value investor, discusses managing other people's money, reflections on his investing journey, importance of being a harsh grader like Buffett, the significance of truth and candor in investing, infinite games, processing information from books, his fund's track record, the game of investing, and his philanthropic work.
Invest in personal satisfaction through financial independence.
Building relationships and engagement through managing other people's money.
Utilize Excel for intrinsic value assessment amidst market volatility.
Deep dives
Life and Financial Independence
Moniz Pabrai shares his experience of becoming financially independent, highlighting that it brought changes focused on pursuing his independent path, leading to personal satisfaction. The shift allowed him to focus on managing his own money and eventually led to more joy and personal satisfaction.
Managing Others' Money
Pabrai discusses the inherent stress in managing other people's money, noting challenges during the financial crisis where some investors redeemed at the bottom of the market. Despite these challenges, managing money also brought new friendships and relationships, offering deeper engagement with businesses they invest in.
Role of Excel and Financial Crisis Insights
Pabrai reflects on the importance of using Excel in assessing investments post the financial crisis to understand intrinsic values. He emphasizes the significance of managing investments amid market volatility, aiming to educate investors on the distinction between market and intrinsic value.
Long-Term Happiness and Decision-Making
Pabrai shares insights on maintaining happiness and satisfaction, highlighting the value of making necessary changes to improve professional satisfaction. He stresses the significance of self-assessment to ensure contentment and shares personal experiences of transforming tough periods into positive turning points.
Commitment to Reliability and Legacy Building
Pabrai advocates for becoming a giver and emphasizes reliability, honesty, and trustworthiness as key principles for success. He underscores the benefits of maintaining integrity and highlights the transformative power of playing the long game in life, embracing the virtues of giving and strong ethical values.
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.
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