Chai with Pabrai Mohnish Pabrai's Session with Columbia Business School (CSIMA) on February 14, 2024
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Mar 22, 2024 
Mohnish Pabrai, an investor and fund manager, shares insights on Berkshire's decisions, See’s Candies, and the evolution of his investment philosophy. He discusses evaluating businesses, the auto dealership industry, coal mines, and the importance of starting the investment journey early.
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Buffett's Low Hit-Rate Insight
- Buffett and Munger made about 12 highly successful investment decisions over 58 years, despite many more attempts.
- Their success rate suggests it takes deep, differentiated understanding and patience to find worthwhile investments.
See's Candies Pricing Story
- Buffett and Munger learned from See's Candies how powerful pricing power and brand loyalty can be.
- Repeated price increases at See's did not reduce sales volume, teaching them vital lessons about durable consumer brands.
Harshly Filter Investment Ideas
- Be a harsh grader of investment ideas and discard most quickly to save time.
- Let ideas survive initial scrutiny before deeper evaluation to focus effort on promising opportunities.