Chai with Pabrai
Mohnish Pabrai's session with CIBS at University of Cambridge on January 31, 2025
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.
41:20
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Quick takeaways
- Mohnish Pabrai emphasizes that embracing adversity is essential for growth, as challenges can ultimately lead to positive outcomes.
- He advocates for concentration in a few high-quality investments, arguing that this strategy can yield greater long-term wealth than over-diversification.
Deep dives
Lessons from Adversity
Adversity can serve as a powerful catalyst for personal and professional growth. Monish Pabrai emphasizes the Stoic philosophy of Marcus Aurelius, suggesting that overcoming misfortune is inherently beneficial. He shares personal experiences where setbacks, such as the total loss of a major investment during the dot-com bubble, ultimately shaped his future success. By accepting that challenges are an intrinsic part of life, Pabrai has learned to approach difficulties with the belief that they will lead to positive outcomes in the long run.
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