Chai with Pabrai

Mohnish Pabrai, founder of Pabrai Investments and author of notable investment books, shares his journey from casual stock tips to managing an investment fund influenced by Buffett's philosophies. He discusses evolving strategies post-dot-com boom, emphasizing long-term value over fleeting trends. Pabrai critiques traditional sell-side research, highlighting the need for alternative insights. He also reflects on personal self-discovery, leadership challenges, and the importance of team dynamics in investment management.

Engage with a deep dive into value versus growth investing, exploring the motivations behind these strategies. Discover how COVID-19 reshaped investment approaches in India, alongside lessons from legends like Warren Buffett. Hear about the rise of unicorns and the entrepreneurial spirit amid regulatory challenges. The conversation also touches on ethical investing, philanthropy through the Dakshna Foundation, and the complexities of capital allocation in historic investments. Get insights into selecting the best value propositions in a changing market.

Distinguished Speaker Series Professor Arvind Navaratnam October 14, 2021 (00:00:00) - Introduction (00:02:04) - Competition is For Losers, Peter Thiel (00:08:25) - Rain Industries (00:12:39) - Monopolistic business models, Amazon and Google (00:17:14) - Redoing the Spaghetti code, AWS in business (00:19:09) - A Whale only gets harpooned only when it surfaces, Warren Buffett (00:20:00) - AWS, cloning by Microsoft and Google (00:24:15) - Monopolistic characteristics of giant Chinese tech companies (00:28:19) - Tencent (under)reporting style (00:30:24) - Naspers business model, Koos Bekker (00:40:58) - Better capital allocation by Amazon and Tencent (00:43:37) - Tencent business model (00:50:24) - The bazooka Model of Pony Ma (00:57:33) - How I became a value investor (01:02:22) - Chinese tech giants and political risk (01:03:16) - Dakshana Foundation’s Education Model (01:09:01) - Evolution of my investing style (01:12:58) - Mohnish’s investing framework on start-ups (01:17:31) - Ali Baba (01:23:18) - Competence and edge (01:24:54) - Change in Investment strategy due to Covid (01:37:50) - Application of NLP (Natural Language Processing) in investing (01:45:10) - Up and comers in the investment sector (01:47:40) - Quality of Management (01:50:29) - Book recommendations  

Ramesh Damani, the Chairman of Avenue Supermarts and a noted mentor to investors, teams up with Mohnish Pabrai for an enlightening discussion. They dive into economic recovery post-pandemic and share compelling lessons from investing legends like Buffett and Munger. The duo explores India’s potential in the US-China trade landscape and highlights the significance of financial literacy for women. They mull over investment trends involving gold and cryptocurrencies, while also reminiscing about a transformative lunch with Warren Buffett, filled with insights on partnerships and life.

Mohnish Pabrai, a successful investor and author of 'The Dhandho Investor,' shares his insights with MBA students. He discusses the shifts in the economy post-COVID and the advantages entrepreneurs have in the investment realm. Pabrai offers advice for new investors and emphasizes the significance of evaluating management quality. He explores challenges in Mumbai's real estate market and examines the impact of exchange rates on investments. His reflections on strategic portfolio construction and long-term investment philosophies add valuable perspectives.

Mohnish Pabrai, Founder and Managing Partner of Pabrai Investment Funds, shares his insights on value investing and personal connections with icons like Warren Buffett and Charlie Munger. He discusses the significance of developing a circle of competence and the right sources for investment ideas. Pabrai emphasizes the importance of learning from both successes and failures, evaluating management, and understanding intrinsic value. With anecdotes and humor, he illustrates the necessity of mentorship and community in the investment world.

Mohnish Pabrai, the insightful Founder and Managing Partner of Pabrai Investments Funds, shares valuable knowledge at the Harvard Business School Investment Conference. He explores the principles of value investing, referencing Ben Graham, and discusses the importance of identifying intrinsic value in today’s market. Pabrai contrasts the economic landscapes of Turkey and the U.S., emphasizing unique investment strategies amid inflation. He highlights emerging managers in the investment scene, advocating for innovation and educational exchanges within the community.

Distinguished Speaker Series Applied Fundamental Analysis & Worldly Value investing Professor Arvind Navaratnam (00:00:00) - Introduction (00:02:13) - Thou shall not skim off the top (00:04:11) - Thou shall not have an investing team (00:05:20) - Thou shall accept that thou shall be wrong at least 1/3 of the time (00:07:06) - Thou shall look for hidden P/E of 1 stocks (00:13:13) - Thou shall never use Excel (00:21:21) - Thou shall always hope a rope to climb out of the deepest well (00:27:43) - Thou shall be singularly focused like Arjuna (00:31:32) - Thou shall never short (00:32:50) - Thou shall not be leveraged. Neither a lender nor a borrower be (00:36:28) - Thou shall be shameless cloner (00:37:12) - Where to look for investment ideas (00:40:51) - Temperament during financial crises (00:43:53) - Always have a rope on hand (00:49:07) - Investment in Google (00:52:12) - Judging Management Teams & Satyam Scam (00:55:28) - Sergio Marchionne (01:00:36) - Currency risk in international markets (01:07:52) - Investing in Distressed companies (01:09:33) - Competitive Moats that turn out to be an illusion (01:16:02) - Kelly formula (01:17:17) - Circle of Competence (01:19:30) - Shameless Cloning (01:20:04) - Zero Fee Structure (01:24:03) - Investing in Protected Moats (01:26:41) - When to sell an investment (01:30:39) - Personal trails that contribute to a manager’s success  

The talk delves into key investment decisions by Warren Buffett and Charlie Munger that shaped Berkshire Hathaway. Insights on patience and the significance of value investing are shared, emphasizing the 'few bets, big bets' philosophy. The speaker discusses the balance of patience and decisiveness in investing, rich anecdotes in market opportunities, and networking strategies. Additionally, there's a focus on the implications of emerging markets and industries, alongside valuable lessons on philanthropy and wealth management.

Mohnish Pabrai is a distinguished investor, founder of Pabrai Investment Funds, and author of notable investment books. He discusses his unique investment checklist and the importance of understanding one's 'circle of competence.' Pabrai delves into the shipping industry's complexities and shares insights on concentrated investing versus diversification. He also explains the Kelly formula's role in allocating investments and the significance of patience in successful investing. Additionally, he highlights his philanthropic efforts through the Dakshana Foundation, blending investment wisdom with social impact.