Chai with Pabrai Mohnish Pabrai’s Talk and Q&A session with students at the University of Texas on February 28, 2023
7 snips
Apr 14, 2023 
Mohnish Pabrai, a successful value investor and author, shares his wealth of knowledge at the University of Texas. He discusses lessons from notable investors like Warren Buffett, emphasizing capital allocation and the implications of significant investment decisions. Pabrai delves into unique market opportunities in Turkey and reflects on his own investment journey, including notable successes and regrets, particularly related to Fiat Chrysler and Ferrari. He also highlights the importance of early specialization in education and shares insights from his entrepreneurial upbringing.
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Buffett's So-So Investment Record
- Warren Buffett calls his capital allocation record 'so-so' with only a dozen truly great decisions in 58 years.
- Exceptional long-term value investing stems from a handful of key high-quality investments, not many successes.
Jhunjhunwala's Titan Legacy
- Rakesh Jhunjhunwala made roughly half of his fortune from one stock, Titan Industries, while trading actively elsewhere.
- His success shows the power of holding great businesses long term despite many other trades failing.
Prioritize Patience in Investing
- Be patient and hold onto great businesses with strong fundamentals for long-term compounding.
- Investing is forgiving if you keep your 'crown jewels' intact and manage selling carefully.
