Mohnish Pabrai's Interview with My First Million on May 5, 2026

Mohnish Pabrai's Interview with Shaan Puri at My First Million on May 5, 2026.

(00:00:00) - Introduction

(00:00:30) - Value investing in the US; Importance of patience in investing

(00:02:15) - Mental models: The mistress is always hotter than the wife

(00:04:58) - Introduce randomness in your life; Peter Lynch's One Up on Wall Street

(00:08:12) - Elon Musk

(00:09:42) - From admiring to executing; Sam Walton & Cloning

(00:13:24) - Tesla; Blue Origin vs. SpaceX

(00:14:10) - Randomness & Cloning; Farm Con & Kevin Van Trump to Milk road

(00:16:40) - McDonald's vs. Burger King

(00:17:05) - The Bedrock model: Take a simple idea and take it seriously; Turkey vs. Indian markets

(00:20:39) - Mental model conflicts; Circle of competence

(00:23:13) - The salad oil crisis; Buffett's stake in AmEx and Disney

(00:26:12) - Traits of great investors: Keep investing simple; Warren's Too Hard Pile

(00:30:27) - Aksarben racetrack and Buffett's tickets adventure; Moody's Manual

(00:33:02) - Japanese Company Handbook; Look for needles in haystacks

(00:34:40) - Stock market: Church with a Casino

(00:38:42) - Lunch with Warren Buffett; Leverage lesson from Rick Guerin

(00:41:39) - Inner scorecard vs. Outer scorecard

(00:43:25) - Cash and capital allocation at Berkshire Hathaway

(00:45:14) - My best investments; Investing in Turkey - Reysas & TAV Airports

(00:54:57) - Active vs. Passive investing

(00:57:22) - Business Moats; McDonald's & FICO

(00:59:25) - Investing with AI

(01:02:58) - Constellation Software Services; Mark Leonard

(01:09:45) - GLP-1

(01:10:48) - Bitcoin vs. Gold

(01:11:32) - Do not die at 25 and get buried at 75; Get your music out

(01:15:37) - Studying great investors: Ed Thorp

(01:20:45) - Ken Griffin: Citadel

(01:23:01) - Advice to listeners: Lead an aligned life - My owner's manual by Jack Skeen

(01:28:08) - Guy Spier's letter to me

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