Monish Pabrai's "The Dhandho Investor" presents a unique approach to value investing, emphasizing the principles of patience, discipline, and risk aversion. The book draws inspiration from the Indian investment philosophy of "Dhandho," which translates to "the business of playing a game well." Pabrai advocates for a conservative investment strategy, focusing on undervalued companies with strong fundamentals and a wide margin of safety. He emphasizes the importance of thorough due diligence, long-term holding periods, and avoiding speculative investments. The book provides practical guidance and real-world examples to illustrate the principles of Dhandho investing, making it a valuable resource for both novice and experienced investors.
In Richer, Wiser, Happier, William Green draws on interviews conducted over twenty-five years with many of the world’s greatest investors. The book highlights that the most successful investors are mavericks and iconoclasts who question conventional wisdom and think rationally, rigorously, and objectively. They maximize their odds of long-term success in markets and life by drawing insights from diverse fields such as neuroscience, economic history, psychology, philosophy, and more. Green explains how these investors can teach us not only how to become rich but also how to improve our thinking, decision-making, risk assessment, and resilience, and how to turn uncertainty to our advantage.
In today’s episode, Shawn O’Malley (@Shawn_OMalley_) shares his favorite lessons from the billionaire investor Mohnish Pabrai, who some know as the “Indian Warren Buffett.” Pabrai is a master investor, a close friend of Charlie Munger, and a wonderful storyteller, too.
You’ll learn what it means to circle the wagons in investing, how a few big decisions will end up mattering the most throughout your investment career, how GEICO changed Benjamin Graham’s perspective on investing, why Nick Sleep told his investors to simply buy and hold three stocks, what Pabrai learned from having lunch with Buffett, what it means to be a Dhando Investor, plus so much more!
Prefer to watch? Click here to watch this episode on YouTube.
IN THIS EPISODE, YOU’LL LEARN
00:00 - Intro
03:59 - Why only 4% of Berkshire Hathaway’s decisions over the years have explained most of Buffett’s outperformance
08:52 - Which three stocks Nick Sleep told his investors to hold after winding down his fund
09:48 - Which types of stocks you’d want to circle the wagons around
10:10 - How GEICO changed Benjamin Graham’s perspective on investing
17:19 - What Pabrai learned from having lunch with Warren Buffett
30:26 - Why great companies are not always great investments
37:55 - How the Patels built a motel empire across America
42:24 - What it means to be a Dhando Investor
And much, much more!
*Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences.
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