Category Archive

In this presentation to Boston College and Harvard Business School, Mohnish Pabrai explains why as an investor you don’t need to accurately calculate intrinsic value. The primary question to ask about some businesses is whether they are continually improving. If the business is better today compared to one, two, or … Read More

During this Q&A session with Harvard Business School, Mohnish Pabrai emphasizes that formal education isn’t necessary for learning about successful investing. He sees value investing as a niche, allowing him to discover market inefficiencies and mispriced businesses. He compares this to a scenario where two economists ignore a visible $100 … Read More

In his book The Dhando Investor, Mohnish Pabrai provides seven questions that investors must answer before entering the stock market chakravyuh. Here’s an excerpt from the book: Abhimanyu’s dilemma on that 13th day of battle has close parallels to the decisions confronting equity investors every day. The decision to enter, … Read More

In this interview with Meb Faber, Mohnish Pabrai discussed the power of high conviction bets. Here’s an excerpt from the interview: Pabrai: Well there’s several that come to mind. The first one that comes to mind would be investing in a place like Turkey. I’ve been going there for about … Read More

In his book, The Dhando Investor, Mohnish Pabrai discusses the 3-year rule for cutting losses. Here’s an excerpt from the book: When the stock was at $5 in 2003, all Pabrai Funds hoped to accomplish after two to three years was simply break-even or hopefully exit with a small loss. … Read More

In this presentation and Q&A at MDI, Gurgaon, Mohnish Pabrai discusses the importance of having someone to talk to about your investments. Here’s an excerpt from the presentation: Pabrai: Yeah, that’s a great question. I had a conversation a few years back with Charlie Munger, and he casually mentioned that … Read More

In his article titled – On Avoiding Enron-itis!, Mohnish Pabrai discussed his starting point in assessing any business. Here’s an excerpt from the article: When I am beginning to look at a company, my starting point is Item 1 in the 10-K which describes the business. If this description does … Read More

During this interview with Weekly On Stocks, Mohnish Pabrai discusses when ‘never-sell’ is the best investing strategy. Here’s an excerpt from the interview: Pabrai: One of the biggest mistakes I have made many, many times in my investing career is I have repeatedly sold very good businesses because they appeared … Read More

During this interview with Meb Faber, Mohnish Pabrai discusses the mindset that will allow investors to never sell and sleep well. This strategy was successfully used by the Walton family, the founders at Google, and the founder of IKEA. Here’s an excerpt from the interview: Pabrai: I think the mental … Read More

In this presentation to the Indian School of Business, Mohnish Pabrai discusses one example of why micro trumps macro. Here’s an excerpt from the presentation: Pabrai: Yeah, so actually for the most part you should ignore macro. Going back to my example of the McDonald’s franchise and Ford dealership, etc. I … Read More

During this presentation at MDI, Gurgaon, Mohnish Pabrai explained why investors should focus on no-brainers. Here’s an excerpt from the presentation: Pabrai: Well that’s a good question. So the good news is that there is the too hard part. One time I visited Omaha, Warren gave me a tour of … Read More

In this Q&A session with members of the Finance and Investment Cell at SRCC Delhi, Mohnish Pabrai explained why investors project present circumstances to infinity. Here’s an excerpt from the session: Pabrai: I think with investing the reason the error rate is high is because of…. I would say primarily … Read More

In this Q&A session with members of Babson College Fund, Mohnish Pabrai discusses how he changed his investment strategy to find more 100 Baggers. Here’s an excerpt from the session: Pabrai: I went through a a significant change on my thinking last year on that. So for most of my … Read More

During this interview with the Finance Club of IIT Patna, Mohnish Pabrai explained why great investors enjoy the hunt. Here’s an excerpt from the interview: Pabrai: So this is the Moody’s manual that Buffett used to use in the 50s. You can see it’s a very thick book, and if … Read More

During this Q&A session with the Value School, Madrid, Mohnish Pabrai discusses what to do when the price of the stock you have purchased, drops severely. Here’s an excerpt from the session: Pabrai: So for example if I took all the stocks on the New York Stock Exchange, put them … Read More

During this interview with the mint-Equitymaster Investor Hour, Mohnish Pabrai discusses the time he met Michael Burry. Here’s an excerpt from the interview: Pabrai: So in 2008 I’m making a trip to San Jose, California. Michael Burry’s fund and Michael Burry is based in San Jose, California. And I don’t … Read More

During this Q&A session with the students at JNV Lucknow, Mohnish Pabrai discussed another valuable lesson he learned from Warren Buffett and Charlie Munger. Here’s an excerpt from the session: Pabrai: I think that my view on Dakshana is that it has worked a lot better than I ever thought it … Read More

During his recent presentation at The University of Nebraska, Mohnish Pabrai discussed Warren Buffett’s twelve truly great investing decisions. Here’s an excerpt from the presentation: Pabrai: So this year in Buffett’s 2022 Shareholder Letter he had a couple of very candid and great quotes. He said, over the years I’ve … Read More

During this Q&A session with students at the JNV Pune, Mohnish Pabrai explains why you must be a continuous learning machine. Here’s an excerpt from the session: Pabrai: Different people are like different fingers in your hand. Some are tall, some are short, some are ahead of you, some are behind … Read More

During his recent interview on The Investor’s Podcast, Mohnish Pabrai explained why successful investing requires you not to touch it. Here’s an excerpt from the interview: Pabrai: So when the pioneers and the settlers were moving west to stake out and take over land and start farming it and so … Read More