Chai with Pabrai Mohnish Pabrai's Interview at Morningstar, The Investor's Mind on December 1, 2023
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Feb 9, 2024 In a captivating discussion, Mohnish Pabrai shares insights on the art of investing, emphasizing the importance of personal experiences and resilience. He reflects on navigating the global financial crisis and the impact of philanthropy. With anecdotes from lunch with Buffett and breaking bread with Charlie Munger, he highlights trust in relationships and the balance between inner and outer validation. Pabrai also explores personal joy through activities like playing bridge, showcasing the significance of intentionality in life.
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Buffett's Inner Circle Filter
- Warren Buffett filters people quickly, keeping only a few exceptional ones in his inner circle.
- Mohnish Pabrai adopts this "harsh grader" model to avoid including arrogant or ego-driven people in his circle.
Entrepreneurship Inspired by Father
- Mohnish Pabrai left his engineering job to start a business after his father encouraged him.
- He applied lessons from his father's failed ventures, focusing on resilience and minimizing downside risk.
Navigating the 2009 Financial Crisis
- During the 2009 financial crisis, Pabrai's net worth dropped from $84M to under $20M.
- He managed philanthropic commitments by scaling back while staying optimistic about market recovery.