Chai with Pabrai Mohnish Pabrai's Presentation and Q&A at the Boston College on October 27, 2022
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Jan 30, 2023 
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Cannibal Investing
- Charlie Munger advises paying close attention to "cannibals".
- These are businesses that repurchase their own stock, thereby "eating themselves".
NVR's Success
- NVR, a home builder, is a prime example of a successful "cannibal".
- By repurchasing 82% of its shares, NVR's stock grew from $5.50 to $4,000.
Cannibal Return Formula
- Mohnish Pabrai developed a "cannibal return formula".
- It calculates returns based on earnings growth, share reduction, and multiple expansion.