Chai with Pabrai Mohnish Pabrai’s Q&A session with students at William & Mary College
4 snips
Jan 26, 2023 Dive into the wisdom of Charlie Munger and learn how to avoid self-pity in tough times. Discover the basics of investing, including Buffett’s punch card and the importance of understanding your 'circle of competence.' Get startup tips and insights on leveraging investment strategies. Explore the critical role of discounted cash flow analysis in assessing business valuations. Finally, understand the unique journey of the Dakshina Foundation, blending philanthropy with a business mindset for meaningful societal impact.
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Charlie Munger's Stoic Resilience
- Charlie Munger displays stoic behaviour, never brooding or complaining despite severe health challenges and personal losses.
- His resilience and positive outlook serve as a powerful life lesson that Mohnish Pabrai observed and learned from.
Start Smart With Investments
- Open a brokerage account with a serious platform like Interactive Brokers or TD Ameritrade to start investing properly.
- Limit your portfolio to two or three high-conviction stocks and think as if you only have 20 picks in your lifetime.
Circle of Competence Test
- If you find yourself questioning your understanding of a business, it means it is not within your circle of competence.
- True comprehension means not doubting your grasp of a business' workings or prospects.
