London Business School (LBS) MBA students Q&A on May 19, 2021
This event was sponsored by the LBS Investment Management Club and the LBS Indian Students Club (00:00:00) - Introduction (00:02:47) - Changes in our Economy post-COVID (00:08:21) - Entrepreneur’s Advantage (00:15:11) - Advise to New Investors (00:19:37) - Inner Scorecard (00:24:09) - Evaluating Management (00:30:42) - Investment in Graftech (00:38:56) - Portfolio Construction (00:43:46) - Mumbai Real Estate (00:49:27) - Impact of Exchange Rate on Investments (00:52:51) - Learnings from Nick Sleep
23 Jan 20231h 1min
Mohnish Pabrai’s Q&A session with students at the University of Georgia
University of Georgia Host: Charlie Warren Oberman November 18, 2021 (00:00:00) - Introduction (00:02:06) - Buffett: when he has his first stock tip, call me collect (00:03:47) - Relationship with Warren Buffett and Charlie Munger (00:12:41) - Circle of competence (00:15:16) - Sources for Investment Ideas (00:17:08) - Handling Underperformance (00:18:49) - Leverage in Businesses (00:23:05) - Micro vs. Macro (00:24:21) - Avoiding Confirmation Bias (00:25:51) - Identifying Moats (00:29:00) - Evaluating Management (00:30:16) - Investing as a Profession (00:32:15) - Entrepreneur’s Advantage (00:33:49) - Zero Fee Structure (00:35:42) - Pre-investment checklist (00:39:12) - Lessons from Failures (00:44:14) - Calculating Intrinsic Value (00:48:03) - Shameless Cloning (00:49:42) - Long-term compounders
23 Jan 20231h 3min
Mohnish Pabrai Q&A at Harvard Business School Investment Conference - April 4, 2022
Mohnish Pabrai speaks at the HBS Investment Conference on Sunday, April 3, 2022. It’s an hour-long fireside chat moderated by an HBS professor. The Investment Conference is one of the biggest conferences arranged by HBS students each year. It is attended by 400+ students across MBA programs who have a background or interest in the investment management industry. (00:00:00) - Introduction (00:04:12) - Ben Graham; Warren Buffett’s teacher (00:10:10) - All intelligent investing is Value Investing (00:13:51) - Holding above intrinsic value (00:19:43) - Micro vs. Marco in Turkish economy (00:25:29) - Macro events affecting US economy (00:34:58) - Investment checklist (00:39:46) - Investing in Seritage (00:43:00) - Shameless Cloning (00:47:55) - New Fund Managers
23 Jan 202355min
The Ten Commandments of Investment Management
Distinguished Speaker Series Applied Fundamental Analysis & Worldly Value investing Professor Arvind Navaratnam (00:00:00) - Introduction (00:02:13) - Thou shall not skim off the top (00:04:11) - Thou shall not have an investing team (00:05:20) - Thou shall accept that thou shall be wrong at least 1/3 of the time (00:07:06) - Thou shall look for hidden P/E of 1 stocks (00:13:13) - Thou shall never use Excel (00:21:21) - Thou shall always hope a rope to climb out of the deepest well (00:27:43) - Thou shall be singularly focused like Arjuna (00:31:32) - Thou shall never short (00:32:50) - Thou shall not be leveraged. Neither a lender nor a borrower be (00:36:28) - Thou shall be shameless cloner (00:37:12) - Where to look for investment ideas (00:40:51) - Temperament during financial crises (00:43:53) - Always have a rope on hand (00:49:07) - Investment in Google (00:52:12) - Judging Management Teams & Satyam Scam (00:55:28) - Sergio Marchionne (01:00:36) - Currency risk in international markets (01:07:52) - Investing in Distressed companies (01:09:33) - Competitive Moats that turn out to be an illusion (01:16:02) - Kelly formula (01:17:17) - Circle of Competence (01:19:30) - Shameless Cloning (01:20:04) - Zero Fee Structure (01:24:03) - Investing in Protected Moats (01:26:41) - When to sell an investment (01:30:39) - Personal trails that contribute to a manager’s success
20 Jan 20231h 36min
Mohnish Pabrai Lecture at Univ. of California, Irvine (UCI), June 7, 2017
Few Bets. Big Bets. Infrequent Bets. In his talk at the University of California at Irvine’s Paul Merage School of Business, Mohnish discusses five decisions by Warren Buffett and Charlie Munger over a 20-year period (1968 – 1988) that moved the needle for Berkshire. Mohnish also talks about some of the intense difficulties that Warren Buffett and Charlie Munger faced along the way. No pain, no gain! (00:00:00) - Introduction (00:02:16) - S & H Green Stamps (00:04:02) - Blue Chip Stamps (00:09:44) - Diversified Retailing (00:11:03) - See’s Candy (00:11:56) - Buffalo News (00:14:30) - Wesco Financial and Freddie Mac (00:18:08) - Wheeler Munger Partnership (00:23:03) - Tenneco Stock (00:26:30) - Difference in Pabrai Funds and Dhandho (00:28:14) - Patience is like law of physics in investment (00:31:16) - Few Bets, Big Bets, Infrequent Bets (00:42:28) - Compounding is the 8th wonder of the world (00:43:33) - Investing is for those who love to watch paint dry (00:46:43) - Time spent on analysing a company’s product and services (00:50:52) - Philanthropic efforts; Dakshana Foundation (00:55:00) - Principles of value investing on diversified businesses (00:58:36) - Portfolio Diversification (01:01:03) - Work life balance (01:04:07) - Mental Models (01:07:44) - Investment in Chinese market and Circle of competence (01:09:46) - High uncertainty and high risk (01:16:55) - Extreme patience with extreme decisiveness (01:18:25) - How to network to get investment ideas (01:21:55) - Leverage (01:29:16) - Auto insurance (01:38:05) - South Korea market
20 Jan 20231h 41min
Mohnish Pabrai’s Q&A Session with Students at Indiana Univ. Kelley School of Business –April 1, 2021
Mohnish Pabrai’s Q&A Session with Students at Indiana Univ. Kelley School of Business –April 1, 2021 (00:00:00) - Introduction (00:04:31) - Investment checklist (00:08:18) - Circle of competence (00:11:08) - Shipping Industry (00:21:56) - Portfolio Management (00:23:35) - US Markets vs. Other markets (00:25:38) - Short selling (00:29:24) - Research process (00:30:42) - Holding a stock (00:33:10) - Cinches, Feet on the desk and awesome destinations (00:41:33) - Pre-investment checklist (00:43:19) - Kelly formula (00:45:04) - Scenario analysis (00:46:28) - Hurdle rate (00:47:48) - Philanthropic initiative; Dakshana Foundation (00:51:41) - When wealth is lost (00:54:14) - Best trait of an investor; Patience (00:56:12) - Lunch with Warren Buffett (00:58:43) - Starting of Pabrai Funds (01:01:49) - Investment Strategy (01:02:35) - Learning from mistakes (01:04:17) - Career Advice
12 Jan 20231h 6min
Mohnish Pabrai’s Q&A Session with MBA Students at Columbia Business School – March 18, 2021
Professor Anuroop Duggal’s Value Investing Class Columbia Business School Columbia University (00:00:00) - Introduction (00:03:46) - Laws of investing (00:06:24) - Following Warren Buffett (00:07:39) - Finding long term compounders (00:09:05) - Early-stage businesses (00:13:54) - 10 bagger business ideas (00:17:30) - Copart: From Junk to Gold (00:28:04) - Uber Cannibals (00:33:13) - Investing is a game of probability (00:36:43) - Ollies’ business model (00:40:28) - Relationship with other investors (00:47:38) - Marginal safety (00:51:42) - My 401k plan (00:54:35) - Businesses are fragile (00:57:08) - Dakshana Foundation
11 Jan 20231h 7min
Mohnish Pabrai Lecture at Harvard University - April 7, 2020
Business Analysis and Valuation Course Professor Andrew Sandoe, Harvard University April 7, 2020 (00:00:00) - Introduction (00:04:40) - Purchase of Stonetrust Insurance (00:8:30) - Insurance Business Model (00:11:05) - Sale of Stonetrust Insurance (00:22:47) - Valuing an Insurance company (00:25:12) - Being a harsh grader (00:30:40) - Circle of Competence (00:42:03) - Start early with investing (00:55:48) - Improving your Circle of Competence (01:02:58) - Learnings from investment mistakes (01:09:54) - Value Investment Categories (01:29:16) - Probability estimation for outcomes (01:34:28) - Philip Fisher’s Scuttlebutt method (01:37:10) - Munger’s advice on sharing Investment ideas (01:42:20) - Human response to Economy
11 Jan 20231h 45min
