Chai with Pabrai Mohnish Pabrai's session with CIBS at University of Cambridge on January 31, 2025
19 snips
Feb 20, 2025 
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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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.
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.
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.
