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Living a fulfilled life involves key principles like integrity, honesty, trust, reliability, and hard work. Being trustworthy and reliable builds long-term relationships and success, even though the payoff may not be immediate. Warren Buffett's emphasis on trustworthiness and reliability reflects the importance of these principles in building lasting success.
Manish Pabrai values bridge over poker due to its lack of luck factor. Bridge, being a skill-based game with no elements of chance, aligns with Pabrai's focus on probabilities, akin to investing. Bridge's purely skill-based nature without money at stake makes it a compelling game for his strategic mindset.
Directness and truthfulness play vital roles in maintaining relationships and making career decisions. From ensuring reliability to articulating honesty even in difficult situations, Manish Pabrai emphasizes the enduring benefits of candid communication. Warren Buffet's tough grading system highlights the importance of choosing truth over diplomacy to foster meaningful and trustworthy connections for long-term success.
Boeing faced challenges when they prioritized short-term modifications over a long-term redesign. The decision to enhance the 737 aircraft by adding larger engines and extending the fuselage rather than designing a new airplane led to problems. This short-sighted approach resulted in two crashes and a compromised reputation for Boeing. The importance of playing the long game in engineering and business decisions is highlighted through Boeing's experience.
The discussion delves into the concept of giving back and the impact of generosity. The founder's personal journey with philanthropy and the establishment of a non-profit organization named Dikshana are detailed. The narrative emphasizes the significance of being a giver, irrespective of financial wealth, and highlights the rewards of reliability, truthfulness, and integrity in contributing to a meaningful cause. The podcast underlines the importance of playing the long game in personal and philanthropic endeavors, exemplified through the founder's unexpected success with Dikshana.
On today’s show, Stig Brodersen talks with legend value investor Mohnish Pabrai. Since its inception in 1999, one dollar invested in the flagship fund would have turned into $12.51 vs. $4.72 for the S&P500. In the interview, Mohnish Pabrai discusses his approach to a congruent life.
Disclaimer: Stig Brodersen is invested in Pabrai Funds.
IN THIS EPISODE YOU’LL LEARN:
00:00 - Intro
10:14 - Which decisions Mohnish Pabrai made to improve his happiness.
15:06 - How to use the Buffett system to grade people.
26:02 - Why Mohnish likes to play bridge more than poker.
31:06 - Which principles Mohnish lives by.
38:58 - How Buffett and Mohnish (do not) take notes.
Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.
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