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Chai with Pabrai
Mohnish Pabrai's conversation at Schroders - The Value Perspective podcast on October 10, 2023
Dec 26, 2023
Mohnish Pabrai, value investor and founder of the Dakshana Foundation, discusses his introduction to Warren Buffett, the power of cloning as a mental model, examples of successful cloners like Microsoft and Walmart, the importance of portfolio concentration, and the risks of diversification. He also shares insights on improving probabilistic thinking, capital allocation, and macro-economic factors in investing.
01:06:12
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Quick takeaways
- Learning from successes and mistakes, being a lifelong student of great investors like Warren Buffett and Charlie Munger.
- Cloning is a powerful mental model that is often overlooked by investors but has been successfully employed by companies like Microsoft and Starbucks.
Deep dives
The Influence of Monish Pabrai's Dad's Entrepreneurial Experience on His Understanding of Risk
Monish Pabrai discusses how his father's experiences as an entrepreneur shaped his understanding of risk. Despite his father's repeated failures, he was exceptional at identifying market gaps and starting businesses. However, due to his impatience and desire for rapid growth, these businesses were often highly leveraged and vulnerable to even the slightest headwinds. Monish observed this pattern and initially opted for a more stable career path, but eventually followed in his father's footsteps after realizing the excitement and opportunities that came with entrepreneurship. He emphasizes the importance of learning from both successes and mistakes, and highlights the value of being a lifelong student of great investors like Warren Buffett and Charlie Munger.
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Discover
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