Chai with Pabrai

Mohnish Pabrai’s Q&A session with Doctors Investing Group

Jan 30, 2023
Mohnish Pabrai, a prominent investment expert and author, shares his journey from entrepreneur to value investor and discusses the nuances of understanding a business's true value. He advocates for 'shameless cloning,' learning from successful investors to enhance decision-making. Pabrai delves into the dynamics of investing in foreign markets like Turkey, addressing inflation and currency challenges. He introduces the concept of a 'free lunch portfolio' tailored for passive investors, and emphasizes the importance of philanthropy through initiatives like the Dakshana Foundation.
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ANECDOTE

Monish Pabrai's Career Shift

  • Monish Pabrai started as an entrepreneur in IT services before discovering Warren Buffett's value investing approach.
  • He transitioned to professional investing after successfully growing a personal portfolio and selling his business.
ADVICE

Core of Value Investing

  • Value investing means buying assets for well below their worth to achieve a margin of safety.
  • Seek investments where you can easily see the upside without complicated calculations.
ADVICE

Stick to Your Circle of Competence

  • Focus only on businesses within your circle of competence to accurately value them.
  • Invest only when the price is significantly below your valuation to ensure a margin of safety.
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