Mohnish Pabrai Lecture at Harvard University - April 7, 2020

In 'Common Stocks and Uncommon Profits', Philip A. Fisher outlines his investment philosophy, which focuses on identifying and investing in high-quality growth companies. The book is renowned for Fisher's '15 points to look for in a common stock', which include evaluating a company's products, management, sales organization, research capabilities, and long-term growth prospects. Fisher advocates for a qualitative approach to investing, emphasizing the importance of understanding the business and its management rather than relying solely on quantitative metrics. The book also discusses when to buy and sell stocks, the role of dividends, and the pitfalls of short-term thinking in investing.

Monish Pabrai's "The Dhandho Investor" presents a unique approach to value investing, emphasizing the principles of patience, discipline, and risk aversion. The book draws inspiration from the Indian investment philosophy of "Dhandho," which translates to "the business of playing a game well. " Pabrai advocates for a conservative investment strategy, focusing on undervalued companies with strong fundamentals and a wide margin of safety. He emphasizes the importance of thorough due diligence, long-term holding periods, and avoiding speculative investments. The book provides practical guidance and real-world examples to illustrate the principles of Dhandho investing, making it a valuable resource for both novice and experienced investors.

Ken Iverson's "Plain Talk" offers insights into his management philosophy at Nucor Corporation. The book emphasizes the importance of aligning worker interests with management and shareholder interests through an egalitarian meritocracy. Iverson advocates for eliminating hierarchical inequalities and fostering a culture of collaboration and mutual respect. He argues that such an approach leads to increased productivity, profitability, and employee satisfaction. The book serves as a testament to his belief in empowering employees and creating a workplace where everyone feels valued and respected.