Best of MFM: Listen To This Before You Invest Another Dollar

My First Million

Hubspot

Investing, Entrepreneurship, Business

4.7 • 2.9K Ratings

🗓️ 25 March 2026

⏱️ 35 minutes

🔗️ Recording | iTunes | RSS

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Summary

Want to invest like the best? Get Mohnish's investment playbook: https://clickhubspot.com/jbhm Episode 808: In this special episode, we’re pulling together the most replayed moments from our episodes with value investors like Mohnish Pabrai, Howard Marks and Guy Spier. — Show Notes: (0:00) Mohnish Pabrai: How to turn $10K into $1M (3:56) Howard Marks: The S&P 500 (9:29) Guy Spier: Finite and Infinite Games (14:47) Mohnish Pabrai: Circle the wagons (17:58) Howard Marks: Recommended Reading (23:03) Mohnish Pabrai: The most important thing (27:16) Howard Marks: “When the time comes to buy, you won’t want to” (31:17) Guy Spier: Don’t study lottery winners — Check Out Sam's Stuff: • Hampton (joinhampton.com): My community for founders. Average member does $25m/year. Many of the guests are members. Get after it...apply: http://joinhampton.com/mfm — Check Out Shaan's Stuff: • Shaan's weekly email - https://www.shaanpuri.com • Visit https://www.somewhere.com/mfm to hire worldwide talent like Shaan and get $500 off for being an MFM listener. Hire developers, assistants, marketing pros, sales teams and more for 80% less than US equivalents. • Mercury - Need a bank for your company? Go check out Mercury (mercury.com). Shaan uses it for all of his companies! Mercury is a financial technology company, not an FDIC-insured bank. Banking services provided by Choice Financial Group, Column, N.A., and Evolve Bank & Trust, Members FDIC • I run all my newsletters on Beehiiv and you should too + we're giving away $10k to our favorite newsletter, check it out: beehiiv.com/mfm-challenge My First Million is a HubSpot Original Podcast // Brought to you by HubSpot Media // Production by Arie Desormeaux // Editing by Ezra Bakker Trupiano /

Transcript

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0:00.0	How would I take 10K and turn it into a million?
0:02.3	Circa 2025, we cannot go into the S&P. The S&P is overheated. So what I would do is I would treat Berkshire Hathaway as the index. If you bought the S&P when the P.E. ratio is 23, your annualized return over the next 10 years was between 2 and minus 2. It's all you have to know. Buffett's made at least 400 investment decisions. He's saying 12 are the ones that mattered.
0:23.8	The god of investing minus two. It's all you have to know. Buffett's made at least 400 investment decisions. He's saying
0:21.8	12 are the ones that mattered. The god of investing has a 4% hit rate. Investing is an infinite game.
0:28.8	You don't really win or lose. The players just decide to drop out. Don't be such a freaking idiot.
0:33.6	The riskiest thing in the world is the belief that there's no risk. When the time comes to buy, you won't want to.
0:38.3	If I said, what's the number one trait that makes a great investor?
0:42.3	What comes to mind?
0:44.3	Um...
0:45.3	I feel like I can rule the world.
0:48.3	I know I could be what I want to.
0:50.3	I put my all in it like no days off.
0:53.3	On the road, let's play a game. You're my game. You're my coaching, you're my investing coach, let's say,
1:06.7	and I have $10,000. And I want to turn it into a million, right?
1:11.4	Podcasts called My First Million.
1:12.4	I want to go from 10K to a million.
1:14.5	So that's 100X.
1:15.6	How would I take 10K and turn it into a million?
1:18.0	The thing about investing is that opportunities are not going to show up just because you have the cash.
1:25.9	So I would make some tweaks to your thinking first about the 10K.
1:29.3	So I would say, okay, the 10K is a good starting point.
1:32.3	But what I also want you to do separately from that is have a day job.
	...

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