Mohnish Pabrai’s Session with Ashoka Investment Club on April 22, 2025
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May 23, 2025
Explore the brilliance of Charlie Munger's mental models and the art of cloning investment strategies. Discover insights into Walmart's dominance and the innovative strategies of Pabrai Funds, inspired by Buffett. Delve into how understanding human psychology can give investors a competitive edge. Learn about the challenges of trade barriers in India and the potential in sectors like shrimp farming. Finally, master the importance of focusing on a narrow circle of competence for successful investing.
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Build Mental Models via Munger
Read Charlie Munger's essay "The 25 Causes of Human Misjudgment" repeatedly to build a latticework of mental models.
Observe human behavior closely to gain edges others miss due to cognitive quirks like reciprocation.
insights INSIGHT
Cloning as a Success Model
Humans have an aversion to cloning, wrongly viewing copying as beneath them.
Successful enterprises like Walmart and Microsoft prospered by copying proven ideas intensely.
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Clone Then Deep Dive
Start by cloning the top holdings of admired investors to narrow down investment choices.
Then focus deep research only on stocks within your circle of competence to form your own thesis.
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Originally published in 2005, Poor Charlie's Almanack is a collection of eleven talks delivered by Charles T. Munger between 1986 and 2007. Edited by Peter D. Kaufman, this book draws on Munger's extensive knowledge across various fields to provide a framework for rational and rigorous approaches to life, learning, and decision-making. It is renowned for its sharp wit and rhetorical flair, making it an essential read for investors, entrepreneurs, and anyone seeking to enhance their wisdom and critical thinking skills.
Mohnish Pabrai’s Session with Ashoka Investment Club on April 22, 2025.
(00:00:00) - Introduction (00:00:47) - Charlie Munger's mental models; Poor Charlie’s Almanack (00:07:38) - Cloning is the best mental model (00:08:45) - Sam Walton & Family; Walmart (00:10:36) - Microsoft (00:13:31) - Bridge (00:14:51) - Pabrai Funds: Cloned model from the Buffett Partnerships (00:17:41) - Selecting a stock (00:19:12) - Macro-economic factors; D-Mart & Shrimp farming in India (00:23:32) - Circle of competence; John Arrillaga (00:24:38) - Commodity producers; Saudi Aramco (00:27:26) - Look for anomalies, Investing in Turkiye & Reysas (00:33:54) - Learning from mistakes; Satyam Computers (00:39:35) - Nifty-50 in the 1970s; Walmart 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.
Chai with Pabrai 