Mental Models for Exceptional Capital Allocation by Mohnish Pabrai at The UNO on May 1, 2026

Mental Models for Exceptional Capital Allocation by Mohnish Pabrai at The University of Nebraska, Omaha on May 1, 2026.

(00:00:00) - Introduction

(00:02:11) - Charlie Munger's mental models

(00:03:43) - Model 1: The Bedrock: Take a simple idea and take it seriously

(00:04:06) - Model 2: Ben Graham's Fundamentals

(00:04:59) - Model 3: Do not overdose on Ben Graham; Poor Charlie's Almanack, Philip Fisher, and Pulak Prasad

(00:05:16) - Model 4: Buffett's lifetime 20-punch card

(00:06:05) - Model 5: Stay in the epicentre of your circle of competence; John Arrillaga

(00:07:52) - Model 6: A high error rate is guaranteed in investing

(00:08:06) - Model 7: Circle the wagons: the 4% rule

(00:08:44) - Berkshire's 12 best decisions in 60 years

(00:09:41) - Mistakes in investing: Ferrari, Progressive Insurance & Goldman Sachs

(00:12:10) - Model 8: Do not cut flowers and water weeds

(00:13:02) - Model 9: Be a shameless cloner; VIC; Dataroma & SumZero

(00:15:11) - Model 10: History does not repeat itself - but it does rhyme

(00:16:16) - Model 11: Explain your investment thesis to a 10-year old in 3-4 sentences

(00:16:41) - Model 12: You always need a rope to get out of the deepest well

(00:20:50) - Model 13: Pursue quality intensely; Nick Sleep, Zen and the Art of Motorcycle Maintenance

(00:25:31) - Model 14: Thou shall not use Excel

(00:25:52) - Model 15: Develop and use a pre-investment checklist

(00:27:54) - Model 16: Be singularly focused like Arjuna

(00:29:31) - Read the footnotes; Turn every page: Robert Caro

(00:31:44) - Model 17: Enjoy hunting for needles in haystacks; Buffett's childhood entrepreneurial adventures

(00:33:41) - Japanese Company Handbook; My introduction to Charlie Munger & Debbie Bozanek

(00:38:02) - Model 18: Your deepest desire is your destiny

(00:41:15) - Model 19: You should always have someone to discuss your investment ideas with; Li Lu

(00:42:53) - Model 20: The mistress always looks hotter than the wife!

(00:43:30) - Model 21: Neither a short-term borrower nor a long-term lender be

(00:43:54) - Model 22: Introduce randomness into your life; Peter Lynch's One up on Wall Street

(00:46:28) - Model 23: Be a Swiss Army knife

(00:46:36) - Model 24-26: Focus on spin-offs, uber cannibals & spawners

(00:47:18) - Model 27: Arbitrage is wonderful; Rupert Murdoch

(00:48:26) - Model 28: Heads I win, Tails I don't lose much!; IPSCO and CONSOL Energy

(00:51:43) - Model 29: Focus on low-risk; high uncertainty bets

(00:52:56) - Model 30: Do not skim off the top

(00:53:37) - Book recommendations: Poor Charlie's Almanack, Influence & Excellent advice for living

(00:54:48) - Importance of the Bedrock model

(00:55:30) - Finding great businesses

(00:58:11) - Focusing on my deepest desire

(00:59:23) - Berkshire Hathaway A-shares

(01:00:35) - Intrinsic value of a company

(01:02:17) - The Founders Podcast & Value Investors Club

(01:05:34) - Pursue your passion

(01:07:49) - Making of a Great American Capitalist by Lowenstein

(01:09:05) - Family-run businesses; Walmart

(01:10:24) - The Dakshana Foundation & Giving back

(01:12:45) - Micron

(01:13:43) - Warren's Too Hard pile & Charlie's pie-counter trips

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