Mohnish Pabrai's conversation at Schroders - The Value Perspective podcast on October 10, 2023

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Mohnish Pabrai's conversation at Schroders - The Value Perspective podcast on October 10, 2023.

00:00:00 Introduction
00:02:41 My introduction to Warren Buffett
00:04:26 Chuck Feeney: The Billionaire who wasn't
00:06:25 The Dakshana Foundation
00:08:26 Learnings from my childhood
00:14:18 Cloning is a powerful mental model
00:15:44 Microsoft: The most relentless cloner
00:17:30 Sam Walton: Walmart
00:20:43 Can cloning be competitive?
00:22:51 Different styles of investing
00:25:12 Ben Graham: GEICO
00:27:44 Stone Trust Insurance: Francis Chou
00:35:18 Berkshire's insurance investments
00:37:47 Burlington Northern Railroad
00:42:08 Improving probabilistic thinking
00:44:01 Importance of portfolio concentration
00:45:40 Ergodicity: The Walton family
00:48:28 Investing in Turkey: Reysas
00:50:50 Nick Sleep: Amazon
00:53:18 Capital allocation
00:55:23 Macro-economic factors in investing
01:00:46 Book recommendation

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Love all the interviews & b school talks but this one is top tier for intelligent questions with follow-ups and in depth answers by Mr Pabrai.

tonyg.

thanks these are the best thing to listen to first thing to listen to in the morning.

RevanthMatha

Thanks for wonderful talk Mohnish Ji. I do agree cloning model is one of the very superior models especially one is aspiring to achieve great success and is able to find someone with similar operating traits. Thank you

samsalli

these are getting better and better//thank you Mohnish

alextitaus

Great analysis. What do you think about Staxum, it is in presale stage, big partnerships.

Rafeekmohammad-uvvv

Why r they not asking about his mistakes, its much better know how he realised sonething was a bad investment after making an investment and talking about it. I need to undertsand his thinking mechanism and how he came to draw conclusions to sell out of his mistakes which he liked before. Like micron, even Li Lu bought it and now they both sold what changed and why and what was the proboem and how he thought there was a problem. BAM, BN, Sunteck, seritage etc. its much better to know how one spots a mistake than knowing how one spots his winners.

ashishmantri

- Learn bridge to develop probabilistic thinking (00:42)

- Embrace cloning successful models and strategies for investing (14:29)

- Diversify investments but avoid over-diversification to maintain deep knowledge (44:03)

- Seek out investments where perceived risk is irrational compared to underlying value (57:22)

- Focus on great businesses with strong management regardless of market stereotypes (1:00:22)

- Prioritize investing in businesses with zero leverage for resilience (1:02:01)

- Consider investments without projecting future earnings due to uncertainty (1:04:09)

- Invest with the intent of holding forever and view selling as a potential mistake (1:04:52)

ReflectionOcean

How can we analyze a company like Amazon, which has large cash flows but invests them back into the firm and hence does not display profit?

AmaanUllah-fh

Shhh... someone mentioned Staxum might be making its way to KuCoin soon. 🤫 Excitement level: through the roof!

HaiVu-kisc

Mr. Mohnish, I'm outperforming you by just putting my money in a total market index fund. However, I'm thinking about investing with you, inspite knowing I will be underperforming. How can I do it? Thank you

simba

Turkey has had macro issues for 10 years. When all is equal. Good businesses will provail.

jakewelford

Qq, how did you predict your date of death?
I ask primarily as I read today about a scientist or mathematician that did that very thing...

jakewelford

Top picks for 2024: DOT, ILV, AUDIUS and STAXUM

HoaiHoaiAn-iuqu

Not counting cards but still banned ?? I wonder what his system is

sidd

Someone tried Cloning Sees Candy and Charlie Munger put a stop to it in a hurry with a lawsuit. This may explain the reluctance of some would-be cloners.

HepCatJack

you should never listen to anyone who claims he knows when he will die.

theYoutubeHandle

Monish’s mandatory section of every single interview on telling us how great he is by giving money to charity. Anyone who constantly has to tell others that they give to charity raises my doubts.

magalengo