Turning $1M Into $1B+: A Masterclass From The Indian Warren Buffett

Episode 586: Shaan Puri sits down with Mohnish Pabrai for a rare interview about value investing. Mohnish is sometimes called the "Indian Warren Buffett" for having turned $1M into over $1B+ through stock investing. In this podcast they talk about how founders can become great investors, how to avoid big mistakes, and lessons learned from Buffett & Munger. Want to see Sam and Shaan’s smiling faces? Head to the MFM YouTube Channel and subscribe - http://tinyurl.com/5n7ftsy5 — Show Notes: (0:00) Intro (1:41) Why entrepreneurs make the best investors (4:130) How Warren Buffett’s pre-paid for his college education (8:45) Becoming Ben Graham’s Protege (12:41) What Buffett learned about branding from See’s Candies (15:45) Buffett’s failed play to be a candy mogul (18:44) Identifying offering gaps (20:22) Getting an MBA at age 14 as the son of an entrepreneur (23:33) The 3 tells of a future millionaire (25:56) Mohnish builds his first product with maxed out credit cards at 24 (27:59) The 168 hour framework (31:13) “Entrepreneurs do not take risks” (32:38) How Richard Branson launches Virgin Atlantic with no money (35:31) How 0.1 percent of the population owns 70 percent of all the motels in America (38:31) The unfair advantage of being a low-cost producer (40:20) How Mohnish turned his first million into $13M in 5 years (43:39) Pabrai Funds grows to $600M in assets in less than 10 years (47:35) What Mohnish knows about fundraising that we don’t (50:26) Pivoting from tech investments in 1999 to value investments (53:13) $2M lunch with Warren Buffett (58:09) Be a harsh grader of people (1:01:53) The Givers, The Takers, and The Matchers (1:04:40) “Heads I win, tails I don’t lose much” (1:09:26) Private markets v public auctions (1:13:35) The #1 trait that makes a great investor (1:15:01) What people of Reddit think of Mohnish Pabrai (1:16:31) Starting capital, annual rate of return, length of runway (1:17:24) The Rule of 72 (1:21:50) Circle the Wagons Philosophy (1:23:35) Losing $3B in one unfortunate event (1:28:49) Be fearful when the world is greedy; Be greedy when the world is fearful (1:29:17) What a value investor thinks of bitcoin (1:30:26) Nick Sleep bets (1:42:30) The Best Of: Capital Allocators — Links: • The Intelligent Investor - https://tinyurl.com/3jmpjrmc • The Dhandho Investor - https://tinyurl.com/53p9bhfv • Mohnish on Twitter - https://twitter.com/MohnishPabrai • Get HubSpot's Free AI-Powered Sales Hub: enhance support, retention, and revenue all in one place https://clickhubspot.com/sym — Check Out Shaan's Stuff: Need to hire? You should use the same service Shaan uses to hire developers, designers, & Virtual Assistants → it’s called Shepherd (tell ‘em Shaan sent you): https://bit.ly/SupportShepherd — Check Out Sam's Stuff: • Hampton - https://www.joinhampton.com/ • Ideation Bootcamp - https://www.ideationbootcamp.co/ • Copy That - https://copythat.com • Hampton Wealth Survey - https://joinhampton.com/wealth My First Million is a HubSpot Original Podcast // Brought to you by The HubSpot Podcast Network // Production by Arie Desormeaux // Editing by Ezra Bakker Trupiano