Chai with Pabrai

Mohnish Pabrai's Q&A at Clemson University - Wall Street South Investment Club on November 13, 2023.

(00:00:00) - Auction-driven markets (00:02:07) - Berkshire's PetroChina investment (00:04:34) - Anomaly-based investing (00:05:27) - Reysas (00:08:36) - Macro-economic factors in investing (00:11:29) - Clemson to Austin (00:14:32) - Finding anomalies; Investing in Turkey (00:17:24) - Funeral home business (00:20:14) - 13F filings (00:21:30) - Car dealerships (00:29:05) - Lunch with Warren and Charlie (00:36:55) - Diversification (00:40:27) - The LA Country Club

The contents of this website are for educational and entertainment purposes only, and do not purport to be, and are not intended to be, financial, legal, accounting, tax or investment advice. Investments or strategies that are discussed may not be suitable for you, do not take into account your particular investment objectives, financial situation or needs and are not intended to provide investment advice or recommendations appropriate for you. Before making any investment or trade, consider whether it is suitable for you and consider seeking advice from your own financial or investment adviser.

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

(00:00:00) - Introduction (00:02:45) - My introduction to Warren Buffett (00:04:28) - Chuck Feeney: The Billionaire who wasn't (00:06:28) - The Dakshana Foundation (00:08:28) - Learnings from my childhood (00:14:21) - Cloning is a powerful mental model (00:15:50) - Microsoft: The most relentless cloner (00:17:33) - Sam Walton: Walmart (00:20:48) - Can cloning be competitive? (00:22:54) - Different styles of investing (00:25:16) - Ben Graham: GEICO (00:27:46) - Stone Trust Insurance: Francis Chou (00:35:20) - Berkshire's insurance investments (00:37:50) - Burlington Northern Railroad (00:42:12) - Improving probabilistic thinking (00:44:04) - Importance of portfolio concentration (00:45:43) - Ergodicity: The Walton family (00:48:31) - Investing in Turkey: Reysas (00:50:53) - Nick Sleep: Amazon (00:53:21) - Capital allocation (00:55:26) - Macro-economic factors in investing (01:00:49) - Book recommendation The contents of this website are for educational and entertainment purposes only, and do not purport to be, and are not intended to be, financial, legal, accounting, tax or investment advice. Investments or strategies that are discussed may not be suitable for you, do not take into account your particular investment objectives, financial situation or needs and are not intended to provide investment advice or recommendations appropriate for you. Before making any investment or trade, consider whether it is suitable for you and consider seeking advice from your own financial or investment adviser.

Mohnish Pabrai's Q&A Session at Boston College, Carroll School of Management on October 12, 2023.

(00:00:00) - Introduction (00:02:58) - Moody's Manual (00:08:11) - Japan Company Handbook (00:12:00) - Buffett's Amazing Five Japan Bets (00:16:23) - Lessons in investing: Search for anomalies (00:17:59) - Peter Kiewit and Sons (00:21:35) - ADP vs. Exxon (00:28:24) - IPSCO (00:32:43) - Rain Industries (00:35:11) - Reysas (00:41:10) - Fiat Chrysler; Ferrari (00:47:56) - Narrowing the investing universe; JetBlue Airlines (00:53:17) - Thou shall not use Excel (00:54:49) - Pulak Prasad: No leverage (00:59:05) - GM vs. Fiat Chrysler (01:01:30) - Steve Rattner (01:07:31) - Investing in distressed industries (01:11:39) - Error rate in investing (01:14:15) - TransTech (01:20:01) - My Owner's Manual (01:24:19) - Investing in Turkey (01:26:18) - Coca-Cola Icecek (01:34:40) - Learnings from Buffett and Munger (01:38:55) - Micron

The contents of this website are for educational and entertainment purposes only, and do not purport to be, and are not intended to be, financial, legal, accounting, tax or investment advice. Investments or strategies that are discussed may not be suitable for you, do not take into account your particular investment objectives, financial situation or needs and are not intended to provide investment advice or recommendations appropriate for you. Before making any investment or trade, consider whether it is suitable for you and consider seeking advice from your own financial or investment adviser.

Mohnish Pabrai's Talk at the YPO Waterloo Austin on October 17, 2023.

(00:00:00) - Introduction (00:02:49) - The Manhattan deal by American Indians in 1626 (00:07:42) - Compounding: Eighth wonder of the world (00:08:14) - Queen Isabella's funding of Columbus discovery of America (00:11:35) - My daughter's introduction to compounding (00:15:18) - Factors of compounding (00:20:58) - Never interrupt compounding unnecessarily (00:25:15) - Large inheritances do more harm than good (00:28:17) - Chuck Feeney: The Billionaire Who Wasn't (00:33:47) - My journey of investing (00:40:27) - Berkshire's Twelve great decisions (00:43:19) - Entrepreneurship vs. Investing (00:45:29) - Owner's Manual (00:50:44) - Index investing (00:54:08) - Reysas (01:00:23) - Handling macro risks (01:01:17) - Understanding a business

Mohnish Pabrai's Q&A at Mendoza College of Business - University of Notre Dame on September 29, 2023.

(00:00:00) - Introduction (00:01:57) - When to sell a stock; Amazon (00:09:00) - Starting Pabrai Investment Funds (00:13:35) - Berkshire's Twelve great decisions (00:16:25) - Berkshire's Japanese investments (00:20:52) - Identifying compounders (00:26:07) - Charlie's mental models (00:27:41) - Association tendency – Coca-Cola (00:29:32) - Human reciprocation tendency (00:34:09) - Cloning: Chipotle vs. Baja Fresh (00:38:06) - Steve Rattner: Overhaul

(00:45:07) - Fiat Chrysler (00:47:25) - NVR (00:49:45) - Bridge vs. Investing (00:55:34) - The Dakshana Foundation

Mohnish Pabrai's Q&A session at the Harvard Business School on September 15, 2023

(00:00:00) - Introduction (00:01:26) - Heads I win; Tails I don't lose too much! (00:14:27) - My entrepreneurial adventures (00:22:59) - Starting Pabrai Investment Funds (00:29:24) – Thou shall not use Excel! (00:31:42) - Cloning the Buffett Partnership structure (00:38:45) - Diversification (00:41:07) - Investing in Turkiye; Reysas (00:45:21) - Lunch with Warren Buffett (00:51:55) – The Dakshana Foundation (01:03:59) - Adam Grant: Give and Take (01:08:58) - Chuck Feeney: The Billionaire Who Wasn't (01:13:56) - The Buffett Partnership (01:18:51) - Chris Davis: AIG (01:24:06) - Charlie Munger: The Psychology of Human Misjudgement (01:27:21) - Buffett – Munger Partnership (01:32:30) - Avoid leverage in life

Mohnish Pabrai's Interview at the Meb Faber Show on July 28, 2023.

(00:00:00) - Introduction (00:00:58) - My education at Clemson University (00:04:51) - My introduction to Warren Buffett and Bridge (00:12:32) - Compounding must be taught to 9th graders (00:17:51) - The Dakshana Foundation (00:29:27) - Holding on to your high conviction bets (00:31:14) - Shelby Davis (00:33:18) - Think like an entrepreneur when investing (00:38:38) - Investing in Turkey (00:44:42) - Macro Risks (00:47:40) - Investing in global markets (00:51:56) - Dinner with Bill Gates (00:54:41) - IPSCO (00:57:21) - Funeral businesses (01:00:17) - John Arrillaga

Mohnish Pabrai's Presentation and Q&A at MDI, Gurgaon on December 26, 2014

(00:00:00) - Introduction (00:03:28) - Starting Pabrai Investment Fund (00:05:01) - Dakshana Foundation; the 2% model (00:12:42) - Dhandho Holdings (00:14:06) - Insurance vs. Investing (00:20:31) - Buying Iowa farm land (00:30:07) - Volatility: An advantage for auction driven markets (00:33:02) - When to sell a stock (00:39:14) - Munger: "I always had someone to discuss my investment ideas with." (00:43:51) - Hero MotoCorp (00:48:51) - Opportunity cost of sitting on cash (00:53:37) - Investing in India (00:56:22) - The Dakshana journey (01:12:15) - Impact of value investing on personal life

Mohnish Pabrai's Presentation and Q&A at Indian School of Business on July 13, 2013

(00:00:00) - Introduction (00:01:41) - Rajat Gupta (00:04:00) - Compounding: eighth wonder of the world (00:11:37) - Starting Pabrai Funds (00:19:42) - Shameless cloning (00:26:41) - General Motors (00:34:14) - Cloning Buffett's portfolio (00:39:11) - ROI model in philanthropy (00:42:30) - Ashok Kumar: Dakshana Scholar (00:45:48) - Zero fee structure (00:48:12) - 2009 financial crisis (00:54:11) - Investing in Indian markets (01:00:05) - Business with strong moat vs. Business that clones (01:04:48) - Micro trumps macro (01:09:17) - How to build a business (01:16:37) - The Dakshana Foundation (01:20:44) - Envy: The greatest human vice

Mohnish Pabrai's Presentation and Q&A at MDI, Gurgaon on December 22, 2015.

(00:00:00) - Introduction (00:04:43) - The Motors bubble - 1921 (00:06:56) - The Tronics bubble - 1959-62 (00:08:23) - The Dot com bubble - 1997-2000 (00:16:10) - The 1973-74 Nifty-Fifty crash (00:19:00) - Tesla vs. GM (00:21:07) - Netflix vs. Micron (00:26:11) - Go Pro (00:33:04) - Creation of stock market bubbles (00:55:01) - Super 30: Anand Kumar (01:00:34) - The Dakshana Foundation (01:05:39) - Warren's Too Hard Pile (01:07:52) - John Arrillaga's small circle of competence (01:09:15) - My daughter's introduction to compounding (01:16:22) - Tom Gayner (01:19:56) - Microcap vs. Large cap (01:25:06) - Focus on micro than macro (01:35:04) - Portfolio concentration