Mohnish Pabrai, Founder of Pabrai Investment Funds and author of insightful books on value investing, shares rich wisdom on various investment strategies. He discusses Marcus Aurelius's Stoic philosophy and its relevance today, emphasizing resilience. Pabrai reflects on lessons from past mistakes, including the dot-com bubble, and stresses ignoring macroeconomic noise. He advocates for long-term focus on undervalued businesses and shares thoughts on handling concentrated portfolios, highlighting the importance of patience and diligent research in investing.
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question_answer ANECDOTE
Marcus Aurelius and Stoicism
Marcus Aurelius, a Stoic philosopher, faced adversity throughout his life, including battles and illnesses.
His philosophy emphasized overcoming misfortune as a path to growth, a concept echoed by Charlie Munger.
question_answer ANECDOTE
Dot-com Bubble Learning
Mohnish Pabrai lost $4.5 million in a dot-com startup, but this led him to avoid tech stocks during the subsequent crash.
This painful experience shaped his successful investment strategy at Pabrai Funds.
volunteer_activism ADVICE
Ignore Market Predictions
Don't focus on predicting market movements; it's often unproductive.
Instead, seek undervalued businesses with predictable cash flows, regardless of overall market trends.
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The Dhandho Investor presents a powerful framework for value investing, drawing from the principles of Benjamin Graham, Warren Buffett, and Charlie Munger. It emphasizes strategies like buying existing businesses at discounted prices, investing in simple industries, and leveraging arbitrage opportunities. The book offers practical advice on achieving high returns with minimal risk through a disciplined investment approach.
Mohnish Pabrai: Perspectives in Investing
Mohnish Pabrai: Perspectives in Investing
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Mohnish Pabrai
Meditations
Marcus Aurelius
Meditations is a series of private writings composed by Marcus Aurelius, one of Rome's greatest emperors, as he struggled to understand himself and make sense of the universe. Written between 170 and 180 CE while on military campaigns, this work combines Stoic philosophy with personal observations on leadership, duty, mortality, and human nature. Through twelve books of intimate thoughts never intended for publication, Marcus Aurelius explores themes of self-improvement, resilience in the face of adversity, and living virtuously while accepting what cannot be changed.
Mohnish Pabrai's session with Cambridge Investment Banking Society at University of Cambridge on January 31, 2025.
(00:00:00) - Introduction (00:01:38) - Marcus Aurelius: Stoic philosophy (00:04:28) - Learning from mistakes (00:09:01) - Ignore Macroeconomic factors (00:11:57) - Value vs growth investing (00:14:58) - Investing in Turkey: Reysas (00:19:22) - Venture Capital: Bill Gurley (00:23:06) - Handling the 2008 financial crisis (00:24:12) - Skills for value investing (00:27:02) - Look for undiscovered opportunities; Warren's Swiss Army knife approach (00:30:22) - Handling the portfolio concentration and risks (00:33:49) - Sam Walton (00:36:31) - All knowledge is cumulative (00:38:43) - Nick Sleep The contents of this website are for educational and entertainment purposes only, and do not purport to be, and are not intended to be, financial, legal, accounting, tax or investment advice. Investments or strategies that are discussed may not be suitable for you, do not take into account your particular investment objectives, financial situation or needs and are not intended to provide investment advice or recommendations appropriate for you. Before making any investment or trade, consider whether it is suitable for you and consider seeking advice from your own financial or investment adviser.
Chai with Pabrai 
