Chai with Pabrai Mohnish Pabrai Q&A at Harvard Business School Investment Conference - April 4, 2022
4 snips
Jan 23, 2023 
Mohnish Pabrai, the insightful Founder and Managing Partner of Pabrai Investments Funds, shares valuable knowledge at the Harvard Business School Investment Conference. He explores the principles of value investing, referencing Ben Graham, and discusses the importance of identifying intrinsic value in today’s market. Pabrai contrasts the economic landscapes of Turkey and the U.S., emphasizing unique investment strategies amid inflation. He highlights emerging managers in the investment scene, advocating for innovation and educational exchanges within the community.
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Auto Industry Investment Anecdote
- Mohnish Pabrai invested in Fiat Chrysler which included valuable luxury brands like Ferrari and Maserati.
- Despite disliking the auto industry, the investment turned out spectacular with Ferrari alone valued at $60 billion.
Shift Beyond Traditional Value Investing
- Ben Graham's value investing framework emphasized buying at a margin of safety below intrinsic value with a net-net approach.
- Pabrai evolved to hold beyond intrinsic value for businesses with long growth runways, unlike traditional Graham investors.
Growth and Value Are Unified
- Growth and value investing are inseparable and all smart investing is value investing.
- Intrinsic value calculation exists for both growing and stable cash flow businesses, making growth part of value assessment.
