Chai with Pabrai Mohnish Pabrai’s Q&A session with students at the University of Georgia
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Jan 23, 2023 
Mohnish Pabrai, Founder and Managing Partner of Pabrai Investment Funds, shares his insights on value investing and personal connections with icons like Warren Buffett and Charlie Munger. He discusses the significance of developing a circle of competence and the right sources for investment ideas. Pabrai emphasizes the importance of learning from both successes and failures, evaluating management, and understanding intrinsic value. With anecdotes and humor, he illustrates the necessity of mentorship and community in the investment world.
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Pabrai's Personal Buffett & Munger Anecdotes
- Mohnish Pabrai won a $650,100 charity lunch with Warren Buffett in 2008 and developed friendships with both Buffett and Charlie Munger.
- These interactions included candid lunches and bridge games, providing unique insights into their personalities and investing philosophies.
Build Circle of Competence From Usage
- Focus your investing circle of competence tightly, ideally starting with products and services you personally use and trust.
- Use familiarity with consumer products to identify high-quality businesses worth investigating further.
Stay Curious, Seek Aha Moments
- Stay curious like a leisurely learner by reading biographies, newspapers, and podcasts focused on businesses.
- Look for moments where you gain unique insights that most market participants miss to develop a competitive edge.