Chai with Pabrai

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.

Bill Dudley, an MBA student at Columbia Business School, engages with Mohnish Pabrai, a seasoned value investor. They discuss investment philosophies, emphasizing the laws of investing and insights from Warren Buffett. Dudley pitches innovative business models, including unique ideas like biodegradable plastics. The conversation covers strategic investing strategies, the concept of 'Uber cannibals,' and the importance of understanding risk and returns. Personal anecdotes about memorable lunches with investment legends add a warm touch, enriching the learning experience for students.

Francis Chu, a renowned investor with an impressive CAGR exceeding 13%, shares his insights on capital allocation and value investing. He discusses the acquisition and sale of Stonetrust Insurance, illustrating the dynamics of trust and relationship management in business. Chu emphasizes the significance of defining one's circle of competence and learning from past mistakes. He also reflects on the importance of financial discipline and starting early in investing, while offering thoughts on navigating economic crises and mastering investment niches.

Mohnish Pabrai, founder of Pabrai Investments Funds and author of 'The Dhandho Investor', shares his unique value investing philosophy. He highlights the difference between great compounders and growth stocks, emphasizing the rarity of durable competitive advantages. Mohnish discusses the emotional challenges investors face, particularly with the Chinese market and companies like Maotai. He also reflects on the importance of patience in investing, asserting that analytics should trump insider knowledge for long-term success. His insights provide a roadmap for aspiring investors.

Mohnish Pabrai, a renowned investor and author, is joined by Guy Spier, an insightful author and investor known for his collaboration with Warren Buffett. They delve into the significance of the asymmetry mental model in investing and share experiences from their journeys, including lessons learned from Satyam Computer Services. They also critique the current education system and discuss the psychological aspects of concentrated investments, emphasizing the importance of authenticity in personal and professional growth.

Mohnish Pabrai's Talk with UNC Kenan-Flagler School's Investment Management Club on Dec 5, 2022 (00:00:00) - Introduction (00:05:47) - Selecting an investing manager (00:09:03) - Rain Industries (00:12:01) - You need a rope to get out of deep wells (00:14:33) - Investing in Türkiye (00:18:33) - Active vs passive investing (00:24:18) - Reysas (00:26:49) - Let fundamentals instruct us, not stock price (00:29:46) - Pre-Investment checklist (00:31:26) - IBM (00:36:12) - Alternative investments (00:39:06) - Due diligence in emerging markets (00:42:16) - Approach to philanthropy (00:46:31) - Value vs. Growth investing

Dive into a thought-provoking discussion on tackling corruption in India, where technology meets transparency. Explore the challenges of economic growth and the importance of adaptability in business. Unpack the delicate balance between governance and economic transformation, illustrated through intriguing global examples. Reflect on the essence of true success and happiness, distinguishing personal fulfillment from societal standards. This engaging dialogue encourages resilience, personal growth, and a meaningful life.

Discover the critical science of marketing and branding, emphasizing authenticity and adaptability to cultivate strong customer relationships. Learn how effective marketing can reduce traditional sales efforts, making interactions more efficient. Hear about the power of cloning successful ideas from industry giants and personal insights from a notable investor. Delve into the distinction between inner and outer scorecards while exploring the significance of true values. Finally, grasp the balance needed between customer feedback and independent research for smarter market strategies.