Chai with Pabrai Mohnish Pabrai’s Lecture, Q&A with students of Peking Univ. (Guanghua School of Mgmt.)–Dec. 3, 2020
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Jan 30, 2023 
In this engaging session, Mohnish Pabrai, the founder of Pabrai Investments and author of 'The Dhandho Investor,' offers insights on successful investing strategies. He introduces the concept of 'spawners'—companies that drive substantial growth—and contrasts them with non-spawners. Pabrai discusses the significance of adaptability in investment choices, provides case studies from industry giants, and emphasizes the importance of peer feedback in refining investment strategies. His passion for guiding students through the complexities of value investing makes for an inspiring conversation.
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Growing vs Discounted Pies
- Investing in growing pies versus discounted pies offers different return potentials and risks.
- Growing pies allow for set-and-forget investments with potential for multi-bagger returns over long runways.
What Are Spawner Companies
- Spawner companies have an inherent DNA to continuously create and nurture new businesses, expecting many to fail.
- This spawning approach offers tax advantages and capital efficiency different from stock buybacks.
Examples of Apex Spawners
- Amazon exemplifies an apex spawner using adjacent, embryonic, cloner, and non-adjacent spawning strategies effectively.
- Alibaba and Microsoft also showcase spawning traits with various acquired and internal innovations.
